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17 March 2010 at 03:50 IST
ArcelorMittal to build steel mill in Iraq
BRUSSELS (Commodity Online): World’s largest steel maker ArcelorMittal SA has announced its plans to build a steel mill in Sulaimaniyah in northern Iraq with Turkey’s Dayen.
The company said the mini-mill will be run on an electric furnace to turn locally sourced scrap metal into some 250,000 tonne per year of steel rebars, which are used by builders to reinforce concrete. Output could eventually double.
In a statement, the companies announced that they are investing between $100 million and $130 million in the plant. Construction is due to start in the second quarter of this year. The plant will start work early in the fourth quarter of 2011.
“ArcelorMittal has signed an MoU to establish a joint venture with Turkish partner Dayen to build a steel mini-mill with electric furnace in Sulaimaniyah in Northern Iraq,” the NRI billionaire L N Mittal-led steel firm said.
“There is great demand for steel products for the local construction industry, which we aim to meet, working closely with our partner Dayen and the local government in Northern Iraq,” it added.
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