ArcelorMittal to invest C$2.1 bn in Quebec

The world's largest steelmaker, ArcelorMittal, said on Friday it plans to invest C 2.1 billion dolars (USD 2.2 billion) to expand its mining operations in Quebec.

ArcelorMittal said it plans to invest the funds to expand its Mont-Wright mining complex and its industrial complex at Port-Cartier on the Gulf of St. Lawrence.

The Luxembourg-based group said the investment will help raise its Canadian iron ore concentrate output to 24 million tons a year by 2013, from 14 million tons at present.

The company said it is also considering plans to boost its Canadian production of iron ore pellets to 18.5 million tons a year from 9.2 million tons. The expansion project is expected to create 8,000 jobs during the construction phase and more than 900 permanent jobs once completed, the company said.