The world's biggest steelmaking company, Arcelor Mittal, is to invest 2 billion euros this year in its European steel mills, an executive said in Berlin on Sunday, according to DPA. Michael Wurth, a member of the company's group board, told the 41st World Steel Conference in Berlin that 1.3 billion euros of the sum would go into mills making flat carbon steel. Another 400 million dollars was earmarked for long steel and 200 million dollars would go to the third main category of production in the business, stainless steel. He added that Arcelor Mittal would keep investing 1.3 billion dollars annually in flat carbon steel up to and including 2012. Flat steel is typically used to make car bodies and home appliances. The entire group has earmarked 35 billion dollars for "organic growth" or maintenance worldwide up to 2012. The steel group is run by Indian-born magnate Lakshmi Mittal, who was expected to attend Monday and Tuesday's sessions of the steel meeting in the German capital. Wurth said there would be closer coordination of the group's steel mills in eastern and western Europe. Two German plants, at Eisenhuettenstadt and Bremen, were among those to expand.
