August 09, 2008

ArcelorMittal plans to invest up to USD 10 billion in Indonesia

Reuters reported that ArcelorMittal is looking to invest USD 5 to USD 10 billion in Indonesia's steel industry.

Mr Sofyan Djalil state enterprises minister told reporters after a meeting with ArcelorMittal's executives that ArcelorMittal had proposed an iron ore and coal mining joint venture with Indonesian mining firm PT Aneka Tambang Tbk ANTM.JK and a joint venture with state owned steelmaker PT Krakatau Steel to develop a new steel plant in Java.

He added that "Their entire proposal is worth between USD 5 billion to USD 10 billion.”