News Update: ArcelorMittal to Boost Production By 50% in Five Years

3/11/2010-ArcelorMittal (NYSE:MT), the world's largest steelmaker, announced Thursday that it intends to increase its iron ore production by 50% over a five-year span, mostly through optimization.

On the 50% basis given, ArcelorMittal would be targeting 100 million tonnes of iron ore production annually by 2015, as the company currently produces approximately 60 million to 70 million tonnes.

When questioned about the iron ore benchmark price currently under negotiations, the company's head of mining Peter Kukielski said he forecasts a "substantial increase."

"We would like to achieve iron ore production of the order of 100 million tonnes (per year) in 2015," Peter Kukielski told the Reuters Global Mining and Steel Summit.

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