US Stocks Move | ArcelorMittal rises 4% pre-market as first phase of Brazilian hot-rolling project gets approved

Glonghui, July 10th — Europe's largest steel group saw its shares rise 4% in pre-market trading to $65.49. According to reports, the group's factory in Pecém, Ceará, Brazil has approved the first phase of a strategic project to construct a new hot-rolled coil production line. If fully implemented, the project is expected to involve a total investment of about 4.5 billion Brazilian reais (approximately $872 million) and could create around 3,000 jobs during the construction phase. Currently, the Pecém plant focuses on slab production with an annual capacity of 3 million tons, and there are plans to increase product added value by adding a hot-rolled coil production line in the future.