NEW YORK (AP) — ArcelorMittal, the world's largest steel company, said Friday it will double the capacity of its integrated long-products plant in Brazil by constructing another blast furnace.
The additional blast furnace, which will add more than 1 million tons in capacity, is part of the company's overall growth plan to increase shipments 20 percent by 2012.
ArcelorMittal said it will invest about $5 billion in its Brazilian operations over the next five years.
''With its close proximity to raw materials, good quality iron ore, highly skilled workforce and attractive growth prospects, Brazil is a great place to make steel,'' said Lakshmi Mittal, president and chief executive.
The company's Monlevade plant in Brazil produces wire rod and currently runs one blast furnace.
ArcelorMittal has 320,000 employees and operates in more than 60 countries.