ArcelorMittal invests in own ore,coke supplies

"In the medium term we are going to put an additional $9.4 billion in the acquisition and development of our own mines," Arcelor Mittal's chief strategist Bill Scotting told the German financial daily Boersenzeitung.     

The steel giant has already begun to invest in iron ore and coke mines, and prices for the key steel ingredients have soared on global markets.     

By around 2014, the group wants to produce 80 per cent of the iron ore it uses itself, compared with 45 per cent at present.     

But even with such an advantage, "we do not want to gain market share with low prices," Scotting said.     

Arcelor Mittal has raised its prices several times in the past months.