Mittal Steel may invest in iron ore project in Ukraine

Mittal Steel may invest in iron ore project in Ukraine

In order to supply raw material to its Galati steelworks in Romania, Mittal Steel expressed an interest in investing $300 million in an iron ore project in Ukraine, sources report. Since the 1980s, $1.8 billion has been invested in the project being undertaken by present-day Ukraine, Slovakia and Romania; however, 20% of the project has remained incomplete. If the Ukrainian government green lights Mittal's participation in the project, the company could start producing iron ore pellets at Krivoy Rog within a year. As reported by SteelOrbis in mid-April, following the iron ore price increases put into effect by the world's leading iron ore suppliers, Mittal Steel announced plans to acquire iron ore assets in Liberia and India in order to supply raw material to the company's units in Europe and Asia.