ArcelorMittal Brazil said on Thursday it will invest BRL 4.3 billion ($796.7 million) in its long steel business by 2024.
The investment aims to expand capacity at its João Monlevade mill, located in the city of same name, as well at its Serra Azul iron ore mine in Itatiaiuçu city, both in the state of Minas Gerais.
ArcelorMittal Brazil said its João Monlevade mill will double capacity from 1.2 million mt/year to 2.2 million mt/year by 2024. The company will also invest at its Andrade iron ore mine, which supplies iron ore to the João Monlevade mill. The Andrade mine will expand iron ore capacity from 1.5 million mt/year to 3.5 million mt/year.
The company’s Serra Azul iron ore mine will triplicate capacity from 1.6 million mt/year to 4.5 million mt/year. It will also extend its life cycle to 2056.
ArcelorMittal Brazil said expansion works at its two sites will generate 1,350 new job positions. The decision to expand both sites were due to the company’s confidence in the domestic market outlook for both the medium and long terms, ArcelorMittal said.