ArcelorMittal invests EUR 6.5 mln in high-capacity crane at the Galati steel plant

Romanian steel plant ArcelorMittal Galati has started the operations for installing a major overhead crane which will serve for transporting the liquid steel to the casting machines. The total investment amounts to EUR 6.5 million, according to a press release of the ArcelorMittal Galati plant. The new crane weighs 416 tons and can safely lift 300 tons of liquid steel. The project is part of the multi-annual plan to invest EUR 60 million in modernizing the steel plant. The aim is to improve the company’s productivity and product quality, said Bruno Ribo, general director of ArcelorMittal Galati and Skopje. ArcelorMittal is the largest steel and mining company in the world, present in over 60 countries, 19 of which have their own production units. The group, which is controlled by Indian billionaire Lakshmi Mittal, acquired Sixed Galati, Romania’s biggest steel plant, in 2001. ArcelorMittal has invested over EUR 400 million in the Galati plant from date to present, Lakshmi Mittal, Chairman and CEO of ArcelorMittal, said in October. ArcelorMittal Galati had a turnover of EUR 855 million and EUR 67 million losses in 2015, according to official data from the Finance Ministry. The company has over 6,300 employees. The ArcelorMittal group posted revenues of USD 63.6 billion and a steel production of 92.5 million tons last year. The iron ore production amounted to 62.8 million tons. ArcelorMittal will continue to invest in steel production in Galati editor@romania-insider.com