ArcelorMittal to spend $1.2 bln in Brazil mill

ArcelorMittal to spend $1.2 bln in Brazil mill.

ArcelorMittal, the world's largest steelmaker, said it will invest $1.2 billion in Brazil to boost output of steel products for the burgeoning construction industry.
The investment will allow ArcelorMittal to double output capacity at its Joao Monlevade unit to 2.4 million tonnes, the company said in a statement. The program was suspended right after the intensification of the global credit crisis in late 2008 led to a tumble in demand for steel and other commodities around the world. The project, which includes the construction of a second blast furnace and a third line to manufacture hot and cold rolled steel products, will be finished within 24 months, the company said. The mill currently produces long steel products including barb wire and coils. The plan is part of a $5 billion, four-year investment plan, the company added.