Steelmakers around the world ramp up capital expenditure

Moscow

AFTER years of losses, plant closings and job cuts, some of the world's biggest steelmakers are ready to spend more money on their businesses. Combined capital expenditure planned this year by top producer ArcelorMittal, South Korea's Posco and Russia's Novolipetsk Steel PJSC will be up 29 per cent to US$6.7 billion in 2017, the first increase since 2014, according to estimates by the companies.

Increases also are planned by some American and European companies, including US Steel Corp and Thyssenkrupp AG. Investments will mostly be targeted at expansions in key markets and new technologies.