ArcelorMittal Chief Executive Lakshmi Mittal dispelled any doubt that steel would not remain the the material du jour for carmakers at an industry conference in New York City Tuesday. He delivered a keynote speech at the Steel Success Strategies XXIX event sponsored by the American Metals Market this week.
The automotive industry is expected to grow as manufacturers produce more cars in-line with fuel efficiency standards. In the U.S., "the target is 54 miles per gallon by 2025, in two phases," Mittal said in prepared version of his remarks.
The company's recent $800 million joint venture with Hunan Valin Iron & Steel Company reflect the expected demand. ArcelorMittal opened Valin ArcelorMittal Automotive Steel facility in China this week that will make high strength automotive steel.
"And one of the reasons we were so delighted to acquire the Calvert facility in Alabama - where we are ramping up to full capacity - is because it is located near Mexico, which has a fast growing automobile market," Mittal said.
ArcelorMittal acquired the company in February from ThyssenKrupp AG, renaming it AM/NS Calvert. The facility produces steel products for the automotive and oil and gas industries, appliances and distribution centers.
Source: al.com
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