The world's second-largest steel producer ArcelorMittal has decided to temporarily halt the expansion work at its João Monlevade plant in Brazil, due to the reduction in Brazilian steel demand.

ArcelorMittal Brasil is continuing its US$25 billion investment plan in the Brazilian steel sector. In 2023, investment in the Monlevade plant was revised from US$500 million to US$800 million due to changes related to increased automation, equipment upgrades, more complex civil works, and the effect of inflation.