ArcelorMittal to invest over zł.2 bln
The paper states that ArcelorMittal plans to invest zł.2 billion in Kraków to increase the capacities of its hot rolling mill there, as well as to construct a new galvanizing plant.
Additionally, the Arcelor-Mittal Warszawa steelworks has launched the construction of an €84 (zł.282) million rolling mill.
ArcelorMittal also confirmed that it is interested in taking over the Huta Łabędy steelworks in Gliwice, in the Silesia voivodship, following the government's decision this year to privatize it. The company refused to give any further comment until the government revealed more information about the privatization process.
While the giant announced it is cutting its expenditures globally, its Polish plants will see new investments thanks to the high profits that they have brought recently, according to the company.
"The Polish companies are the best in our concern," management board member Gonzalo Urquijo was quoted by the daily as saying.
While the revenues of ArcelorMittal Poland are not disclosed, Rzeczpospolita calculated that it accounted for a "significant" share of ArcelorMittal's $10 (zł.22.7) billion in total income last year.
The prosperity in the steel production sector will continue and the demand for steel will also grow in the CEE region - especially in the Czech Republic, Slovakia and Ukraine - the company expects.
Greater demand is stimulating development of more advanced products, and ArcelorMittal has spent over €920 (zł.3,066) million on modernization and new investments in Poland over the last three years. The investments took place in Kraków, Dąbrowa Górnicza, Sosnowiec and Świętochłowice, among others.
ArcelorMittal - previously Mittal Steel Company N.V. - entered the Polish market in 2003. It controls over 70 percent of the Polish steelworks industry.
