ArcelorMittal plans rebar joint venture in Northern Iraq

ArcelorMittal announced that it has signed a memorandum of understanding to establish a joint venture with Turkish partner, Dayen, to build a steel mini-mill with electric furnace in Sulaimaniyah in Northern Iraq.

In its initial phase, the mill would produce up to 250,000 tons per year of rebars from locally sourced scrap and require investment of $100 million to $130 million, jointly subscribed by ArcelorMittal and Dayen.

Construction is planned to start in the second quarter of 2010 and production is planned to commence early in Q4 2011. Production could eventually increase to 500,000 tons per year.