World's largest steel producer ArcelorMittal on Thursday said it has invested 80 million euro (Rs 531 crore) to set up a rolling mill in Warsaw with an annual output of 650 kilo tonnes, aimed to tap the booming construction market of Poland.
"ArcelorMittal Warszawa, subsidiary of ArcelorMittal Group, on Thursday inaugurates the new bar rolling mill (in Poland) following an investment of 80 million euro," a company statement said in London today.
It will allow ArcelorMittal's arm to provide the complete product range and secure market share by optimal service and quality, mainly intended to serve the booming construction market in Poland, the statement added.
"The new bar rolling mill (which rolls the metal into sheets, bars, or other forms) in Warsaw has a production capacity of 650 KT/year. The facility is very flexible and can manufacture rebars of 840 mm, plain bars of 1650 mm, squares, flats, equal angles and channels," it said.
During the past three years, the group has invested over 920 million euro (over Rs 6,113 crore ) in Polish steel plants, it added.
"The new rolling mill completes the modern melt shop constructed at the end of the nineties and transforms the plant into a state-of-the art mini mill," ArcelorMittal Group Management Board member Gonzalo Urquijo said in the statement.
ArcelorMittal Warszawa can now further develop production and respond to the steady demand generated by the dynamic growth of infrastructure investments in Poland, he added.
In 2007, the subsidiary had revenues of about Rs 2,112 crore and shipments of 477 thousand tonnes, it said.
By the end of last fiscal, ArcelorMittal had revenues of USD 105.2 billion and crude steel output of 116 million tonnes.