ArcelorMittal has raised the 2019 capital budget to approximately $460 million.
SEATTLE (Scrap Monster): Leading steelmaker ArcelorMittal testified before the Congressional Steel Caucus on the state of the U.S. steel industry.
John Brett, President and CEO, ArcelorMittal USA stated that the company, in 2018, reported best financial year since 2007. It also reported increased investments in its plants and people, investing more than $392 million on various projects across the U.S. ArcelorMittal has raised the 2019 capital budget to approximately $460 million, which will be utilized in strategic projects aimed at expanding its capabilities and improving its efficiency.
In 2018, the company worked on several enhancement projects. It completed installation of walking beam furnaces at its Burns Harbor facility. It also upgraded the hot dip galvanizing line at the Cleveland facility and ensured consistent shape control at Indiana Harbor’s continuous annealing line. Also, it upgraded coating and galvanizing lines at AM/NS Calvert to support production of advanced high strength steel products.
Commenting on its future outlook, Brett stated that ArcelorMittal maintains equally strong outlook for 2019. The company expects steady demand for its steel products. However, global steel overcapacity continues to be a threat.
The company called for immediate action to deal with the country’s aging infrastructure. Although trade actions tend to create a level-playing field, passing a meaningful infrastructure package is the key to stimulate steel demand and increase the competitiveness of American manufacturing , Brett said.
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