ArcelorMittal, the global steel producer, announced it will invest in Brazil $1.6 billion to increase steel production according to The Statesman.
The added capacity from the Brazil investment would equate to a capacity of 6.5 million tons of crude steel production capacity as opposed to ArcelorMittal’s current 3.9 million ton output.
The Brazilian investment is expected to expand the existing Minas Gerais Monlevade plant with a completion date of within 30 months.
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