ArcelorMittal to invest EUR 88 million in Germany

BERLIN: NRI billionaire Lakshmi Mittal-led ArcelorMittal today said it will invest 88 million euros on its four plants in Germany by December-end to enhance their competitiveness.

"Germany is a good location for the production of high value added products. With our investments, we aim to further increase the competitiveness of our sites," ArcelorMittal Germany Holding CEO Frank Schulz said in a company release.

The company said around 10 million euros will be invested in the remodeling of two strands at the steel mill in Bremen while another Euro 6.5 million will be spent in Duisburg.

It also proposed to invest around Euro 34 million in the Eisenhüttenstadt site among others.

The four mines in Germany -- Bremen, Duisburg, Hamburg and Eisenhüttenstadt -- accounts for ArcelorMittal's 20 per cent of total crude steel production made in Europe.

In the last five years the group invested around 630 million euros in Germany.