ArcelorMittal will invest $1 billion to expand its iron ore and long steel capacities in Latin America between the second halves of 2023 and 2024, the steelmaker said.
In Brazil, the Luxembourg-headquartered company will invest $500 million in increasing upstream capacity of its long steel unit in Jo??o Monlevade, in the southeastern Minas Gerais state, while an expansion of its Serra Azul iron ore mine, also in Minas, will have capital expenditure at $350 million, it said in its third-quarter earnings report on Thursday November 11. It will also invest $150 million to increase production at its Las Truchas mine in Mexico.ArcelorMittal will...