The company plans to increase iron ore mining, steel smelting and rolled steel production in the country
The Brazilian division of the ArcelorMittal corporation will receive investments in the amount of 7.7 billion Brazilian reals ($1.56 billion), which will be aimed at increasing iron ore mining, steel smelting and rolled steel production. SteelOrbis reports about it.
The Serra Azul mining and processing plant in the state of Minas Gerais will receive 1.8 billion Brazilian reais to increase production capacity from 1.6 million tons per year to 4.5 million tons. The company will also invest 2.5 billion to increase steel production by the Joao Monlevade plant, located in the same state, from 1.2 to 2.2 million tons per year. In addition, the Andrade mine, which serves this enterprise, is expected to increase annual production from 1.5 to 3.5 million tons.
Funds in the amount of 1.3 billion Brazilian reals are intended for the Barra Mansa plant – the volume of steel production at the enterprise should increase by 500 thousand tons per year, and an increase in the product portfolio is also planned.
The production of long products at the Sabara plant (Minas Gerais) is planned to be increased by 35% (investments in the enterprise amount to R$ 144 million of the total amount). The Vega plant (Santa Catarina state) will receive 1.9 billion – the funds are aimed at the production of new products for the automotive and household sectors.
As GMK Center reported earlier, the Brazilian enterprise ArcelorMittal Pecem (AMP) in August 2023 increased slab exports by 39.4% m/m – up to 277.95 thousand tons. Compared to August 2022, the volume of foreign supplies increased by 16.8% year-on-year. Until the end of the month, the main overseas destination for AMP slabs was the United States.
Also, ArcelorMittal, as part of the XCarb innovation fund starts the program to fund and support decarbonization projects in Bharat (India). Together with the Indian Institute of Technology (IIT Madras), the company will identify and support environmental startups that contribute to industrial decarbonization. The program is also supported by the Indian steel plant ArcelorMittal AMNS.