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ArcelorMittal To Invest $5 Billion In Brazil Steel Mill - Report

RIO DE JANEIRO -(Dow Jones)- ArcelorMittal (MT) will invest $5 billion in a steel mill joint-venture with Brazilian mining company Vale S.A. (VALE, VALE5.BR), the Valor newspaper reported Thursday.

ArcelorMittal's president Lakshami Mittal made the announcement Wednesday to President Luis Inacio Lula da Silva during his visit to London.

The 5 million metric ton a year steel mill will be built in Espirito Santo State with completion scheduled for 2014.

The mill, dubbed Companhia Siderurgica de Ubu, or CSU, is planned for a site south of state capital Victoria, and close to the Samarco pellet plants, in which Vale has a stake.

ArcelorMittal operates a 7.5 million ton flat steel mill near Victoria.

-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; john.kolodziejski@dowjones.com

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