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LAKSHMI MITTAL TO INVEST US$5 BLN IN STEEL OVER NEXT FIVE YEARS.
LONDON, Feb 1 Asia Pulse - Observing that steel prices will continue to rise in view of its demand, London-based steel magnate Lakshmi Mittal said his company will make an investment of over US$5 billion in the next five years in the sector.
"We are investing substantially. The company is embarking on a US$5 billion programme of investment over the next five years," he said in an interview The Times daily recorded at Davos.
Mittal was confident about the prospects for the steel industry, even though it appeared to be at the top of its cycle. "All the world's economies are doing well, except Europe, so I am confident that demand will continue to keep steel commodity prices high."
Denying the accusation that he was an asset stripper, Mittal blamed the media for creating this impression.
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Source: HighBeam Research, LAKSHMI MITTAL TO INVEST US$5 BLN IN STEEL OVER NEXT FIVE YEARS.