New YORK, March 10 (Reuters) - ArcelorMittal (ISPA.AS) (MT.N), the world's largest steelmaker, aims to boost iron ore production from its own mines by over 50 percent in the next five years, the company's head of mining said on Wednesday.
The increase will come from an "optimization" of the company's mines around the world to produce more efficiency and make ArcelorMittal more self-sufficient in key steel-making raw materials like iron ore and coking coal.
"We would like to achieve iron ore production of the order of 100 million tonnes (per year) in 2015," Peter Kukielski told the Reuters Global Mining and Steel Summit. Currently, ArcelorMittal mines produce 60 million to 70 million tonnes.
Asked about the iron ore benchmark price currently being negotiated by major suppliers and steelmakers, he said there was "no doubt there will be a substantial increase."
He gave no figure, but with spot iron ore prices trading at double last year's contract price, analysts are looking for rises from 65 percent to 80 percent.
Market Data 
Markets 
AI
