ArcelorMittal, Nippon Steel to invest $240 mn

BRUSSELS: Steelmakers ArcelorMittal and Nippon Steel said on Wednesday that they would spend US$240 million (euro152 million) to expand an Indiana steel plant that supplies the auto industry.

ArcelorMittal SA, the world's largest steel producer, said the two companies would build a new continuous galvanizing line that will double galvanized production at the I/N Kote plant in New Carlisle. It will also provide high-grade steel sheets for the car industry.

Some 100 new full-time jobs will be created when the new line is up and running in late 2010.

Indiana's Economic and Development Corporation offered the companies "substantial" training grants and tax credits to attract the investment, ArcelorMittal said.