ArcelorMittal's Canada Unit to Invest C$70 Million in Facilities

   By Marc Bisbal Arias 
 

ArcelorMittal Long Products Canada, a unit of ArcelorMittal (MT), said Thursday that it will invest about 70 million Canadian dollars ($56.6 million) from a government program in its steel-production facilities by 2020.

The Quebec government's electricity rebate program will fund the project to upgrade the company's facilities in Contrecoeur, Quebec. The investment will allow the company to maintain its leading position in the North American steel industry, it said.

The company will replace two reheating furnaces as part of the investment, enabling higher productivity, better energy use and lower gas emissions. The work on the furnaces is expected to last until the first half of 2020, ArcelorMittal said.

It will also replace a dust collector, which improves air quality, at the end of the year, the company said.

The company also said it had invested C$27 million in a new finishing line at its Longueuil mill.

Write to Marc Bisbal Arias at [e-mail]

(END) Dow Jones Newswires

January 25, 2018 11:07 ET (16:07 GMT)

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