Following his meeting with Kazakhstan's president Nursultan Nazarbayev, ArcelorMittal CEO Lakshmi Mittal has stated that his company is to invest about $700 million in coal and steel capacity expansion at its Kazakhstan-based subsidiary Mittal Steel Temirtau.
Accordingly, ArcelorMittal plans to invest about $400-500 million in the expansion of its coal mining output in Karaganda by 40 percent from the current 12 million metric tons to 17 million metric tons.
In addition, Mr. Mittal announced that Mittal Steel Temirtau plans to start long steel production next year, and that following the commissioning of longs production the company plans to invest $200 million in the doubling of its longs production capacity.
Mittal Steel Temirtau has an annual production capacity of six million metric tons of steel. The mill exports most of its products to Russia and China.