Dow Jones, citing ArcelorMittal Brasil's president, reported that ArcelorMittal has broken off talks with Brazilian miner Vale SA on a possible participation in a 5 million steel slabs project that Vale aims to develop in Brazil.

Mr Benjamin Baptista Filho, executive president of ArcelorMittal Brasil, on the sidelines of the Brazilian Steel Institute, or IABr, annual congress in Sao Paulo said “We're no longer in talks with Vale on this project. We're not interested."

ArcelorMittal' was talking with the miner on the possibility of setting up a joint venture steel project in Espirito Santo state, southeast Brazil, where both companies already have operating plants and logistics facilities. The new USD 6 billion project, named Companhia Siderurgica Ubu, was to be based at Anchieta on the Espirito Santo coast for produce steel slabs for exports.

(Sourced from dowjones.com)