World’s top steel producer ArcelorMittal said late last year it may buy more mines in 2010 to boost its supply of iron ore for the steel mills as prices for the commodity are expected to rise. Strategy head Bill Scotting said mining acquisitions “will be part of the mix” this year while the company has been buying mining assets since 2006.
ArcelorMittal also considers expanding mines and developing projects. Currently the company produces about half its iron ore needs and plans to boost it to at least 75% by 2014, Scotting added.