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ArcelorMittal, the world's biggest steel producer, has agreed to buy iron ore miner London Mining Brazil from parent company London Mining, for up to $810 million (£435.2 million) to help improve its self-sufficiency in raw materials. The company was also considering investing another $700 million (£376.4 million) to increase production.

ArcelorMittal is aiming to raise its iron ore self-sufficiency to 75 per cent by 2012 from 45 per cent, and has also recently raised its coal self-sufficiency to 20 per cent from 15 per cent after buying mines in Russia and the US earlier this year.

Since 2006, ArcelorMittal has aggressively pursued consolidation with a host of investments and acquisitions in developing countries, such as Senegal, India, Russia and China.

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