ArcelorMittal eyes $4b cost cuts

ArcelorMittal, the world's largest steelmaker, unveiled a plan to cut $4 billion in costs in five years, focusing on productivity, reducing energy consumption and decreasing input costs.

"Since our merger, we have improved our cost leadership due to our successful integration, our 2008 value plan and realization of merger synergies," Chief Financial Officer Aditya Mittal said in a statement preceding the company's investor day.

"In order to further enhance this cost leadership, we have now targeted a further $4 billion of management gains to be realised over the next 5 years." Shares in the group were up 2.7 percent at 44.24 euros at 7:15 am GMT.