ArcelorMittal sees Brazil steel demand doubling within a decade

ArcelorMittal sees Brazil steel demand doubling within a decade

Brazil's steel consumption should double within the next 10 years due to "gigantic opportunities" from the need to build more infrastructure, ArcelorMittal's (NYSE:MT) top executive in the country told Bloomberg on Wednesday.

Steel demand potentially will grow due to the need to build more housing, renewable energy projects, ports and oil and gas assets, Jefferson De Paula reportedly said.

ArcelorMittal (MT) is investing ~20B reais ($3.9B) in Brazil, with nearly 40% intended for expanding production capacity by 2024, and $2.2B to buy Brazilian steelmaker CSP from shareholders including Vale.

De Paula said the takeover, which requires regulatory approval, does not close the door on further deals in Brazil, which comprises 20%-25% of ArcelorMittal's (MT) financial results.

ArcelorMittal (MT) offers "a strong balance sheet [that] allows for opportunistic M&A," The Investment Doctor writes in a

.