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| ArcelorMittal to set up $130 mn steel mill in Iraq |
| Press Trust of India / New Delhi Mar 16, 2010, 14:23 IST |
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Global steel giant ArcelorMittal today said it will set up a $130 million steel plant in war-torn Iraq in collaboration with Turkish firm Dayen.
"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 in an e-mailed statement from Luxembourg.
The mill would annually produce in its initial phase up to 250,000 tonnes of rebars from locally sourced scrap at an estimated investment of "USD 100m to USD 130m, jointly subscribed by ArcelorMittal and Dayen."
Rebars are primarily used by construction and infrastructure companies.
"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.
Construction for the plant is planned to start in the second quarter of 2010 and production is planned to commence early in 2011, the statement said.
"There are many opportunities for ArcelorMittal to assist in the development of the country," said Group Management Board Member Christophe Cornier said.
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