ArcelorMittal plans to invest $1 billion over the next three years in Mexico.
The global steelmaker, the world's largest by volume, announced it would invest heavily in mining and steelmaking in Mexico, where many U.S. automakers have been shifting small car production. Luxembourg-based ArcelorMittal, one of Northwest Indiana's largest employers, plans to construct a new hot strip mill that will boost its productivity in Mexico from 4 million tons a year to 5.3 million tons a year.
ArcelorMittal recently invested $200 million in improvements at its Indiana Harbor steel mill, including upgrades to the "Mighty 80" 80-inch hot strip mill on the east side. But it also idled many finishing lines there, including the hot strip mill at the former LTV mill on the west side. The steelmaker accounts for about two-thirds of the 15 million tons of steel produced in Northwest Indiana annually.