ArcelorMittal to Invest $5 Billion in Brazil

Will build new plant in Espirito Santo

ArcelorMittal will build a new plant in Brazil, its president told the Brazilian financial daily Valor. "We have an expansion program in Brazil. We want to increase our presence," Lakshmi Mittal said.

The new factory will be built in the southeastern state of Espirito Santo in conjunction with Brazil's iron group Vale.

The newspaper said ArcelorMittal was replacing China's Baosteel in the joint venture. Baosteel dropped out in the middle of the global financial crisis.

Mittal said he had laid out the plans in a meeting with Brazilian President Luiz Inacio Lula da Silva.

In 2008, ArcelorMittal accounted for 31% of Brazil's steel output.

Copyright Agence France-Presse, 2009

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