The facility, near the town of Fermont, will be upgraded to be able to produce 24 million tonnes of iron ore concentrate by 2013 — a major upgrade over the 14 million tonnes currently produced.
The company is also considering upgrades at a facility in Port Cartier. The expansion will create 8,000 construction jobs during the process, and 900 permanent ones once the upgrade is completed, the Luxembourg based steel titan said Friday.
Soaring global demand for the raw materials that allow economic expansion has caused a rush of investment in the commodities sector in recent months and years. ArcelorMittal, which has operations in more than 60 countries, has committed to hike its iron ore production to 100 million tonnes by 2015 to keep up with demand.
The world's largest steel producer, ArcelorMittal acquired most of its Canadian assets during the last round of consolidation in the steel industry in 2006. Among other holdings, they also own the former Dofasco steel-making facilities in Hamilton, Ont.
Earlier this year, the company took over Baffinland Iron Mines Corp. and its massive iron ore development in Mary River, about 160 kilometres south of Pond Inlet, Nunavut.
