ArcelorMittal suspends $1.5 billion Brazil expansion plan for lack of demand
ArcelorMittal, the world's largest steelmaker, has suspended a $1.5 billion Brazilian expansion plan for lack of demand, Benjamin Baptista, president of the company's Brazil unit said in a Valor Economico newspaper report on Monday.
ArcelorMittal, the world's biggest steel producer, said on Wednesday it had agreed to buy iron ore miner London Mining Brasil for up to $810 million to help improve its self-sufficiency in raw materials.