Global steel giant ArcelorMittal has announced that it is targeting $3 billion in savings by the end of 2015, by improving the reliability and productivity of its blast furnaces and cutting fuel costs.
The steelmaker stated that the asset optimization introduced in the fourth quarter of 2011 is expected to deliver savings of $1 billion, the full impact of which should be seen in 2014. ArcelorMital also pointed out that it expects a mid-2013 net debt target of approximately $17 billion and a medium-term net debt target of $15 billion.
To reach its production capacity target of 84 million mt by 2015, ArcelorMittal needs to complete the expansion of ArcelorMittal Mines Canada as well as phase 2 of its Liberian iron ore project.
In 2013, ArcelorMittal expects the global apparent steel consumption to increase by 3-3.5 percent year on year.
