The investments would be made in the company's acquired companies, Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad and Tobago. The groundbreaking ceremony for the first steelmaking facility in Minnesota's Iron Range was held on Sunday.

"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.

Ruias owned Essar Steel on Monday announced that they have agreed to acquire Canadian Algoma Steel for an aggregate value of Canadian $1.8 billion (approx. US $1.58 billion) to be paid in cash.