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ArcelorMittal, Dayen to Build Rebar Plant in Northern Iraq
Mar. 17, 2010 ArcelorMittal has announced plans to build a rebar plant in Northern Iraq in partnership with Turkish partner Dayen.
The partners plan to build the EAF-based minimill under a newly signed memorandum of understanding in which ArcelorMittal and Dayen will jointly invest an estimated USD 100 million to 130 million.
"There are many opportunities for ArcelorMittal to assist in the development of the country," said Christophe Cornier, member of the Group Management Board. "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".
Construction is to begin in the second quarter of 2010, with production to commence early in Q4 2011. Production could eventually increase to 500,000 tonnes per year. In its initial phase, the mill is to produce up to 250,000 tonnes of rebar per year from locally sourced scrap.
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company is a leader in major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources.
In 2009, ArcelorMittal had revenues of $65.1 billion and crude steel production of 73.2 million tonnes, representing approximately 8% of world steel output.