Reuters reported that ArcelorMittal is seriously considering a feasibility study for a new steel plant in Brazil as it sees strong prospects for demand there.

Mr Michel Wurth member of ArcelorMittal group management board said that "We're particularly excited for BRIC countries. We are committed to a significant investment in Brazil. We're also looking very seriously for feasibility study for a new steel plant there."

ArcelorMittal had announced a USD 5 billion investment budget for Brazil before the global economic crisis. Mr Wurth did not say if the new plant was within this existing budget.

Mr Wurth said that he expected improvement in global demand in 2010 as the economy recovers but predicted demand in the developed world would be 25% lower next year compared with the peak in 2008.

(Sourced from www.reuters.com)