Brazilian Steel Boom ArcelorMittal would spend $US1.6 Billion to build new steelworks to supply surging demand in Brazil, the world's biggest steelmaker said. The company will nearly double its output of Brazilian output of long carbon steel used to make machines and construct buildings to around 6.5 million tonnes a year by mid 2011. It said increasing its production of wire rod, bars, rebars, and structural sections "recognises the important growth potential of the domestic market" in Brazil. It is still seeking a site for the new furnaces and steel mills it will build. ArcelorMittal is also paying $US1.2 billion to expand its Monlevade plant in the south-eastern state of Minas Gerais.
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