ArcelorMittal launches new Kazakh steel facility
ALMATY, July 1 (Reuters) - The world's largest steelmaker ArcelorMittal (ISPA.AS) (MT.N) on Tuesday launched a new steel rolling facility at its Kazakh plant and said it would invest $7 billion in the country by 2013.
The new facility will produce up to 400,000 tonnes a year of profile and other items used in the construction industry, for sale mostly on the Kazakh market, ArcelorMittal Temirtau, the company's Kazakh unit, said in a statement.
The company reiterated its plan to double Kazakh steel output to 10 million tonnes a year by 2013.
"Of course, this would require large investments, about $7 billion," ArcelorMittal said.
ArcelorMittal Temirtau Chief Executive Frank Pannier said last month the expansion project would cost $4 billion while an additional $1.3 billion was earmarked for improving safety at the facilities. (Reporting by Tatiana Seroshtanova; Writing by Olzhas Auyezov; editing by Sue Thomas)
