The world's biggest steelmaker, Arcelor Mittal, will continue to invest heavily to ensure its own supplies of raw materials, but will not use its advantage to launch a price war, a press report said on Thursday.

"In the medium term we are going to put an additional six-billion euros ($9.4-billion) in the acquisition and development of our own mines," ArcelorMittel's chief strategist Bill Scotting told the German financial daily Boersenzeitung.

The steel giant has already begun to invest in iron ore and coke mines, and prices for the key steel ingredients have soared on global markets.

By around 2014, the group wants to produce 80 percent of the iron ore it uses itself, compared with 45 percent at present.

But even with such an advantage, "we do not want to gain market share with low prices," Scotting said.

Arcelor Mittal has raised its prices several times in the past months.

AFP

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