Global steel giant, ArcelorMittal has said that it is aiming to generate about $3 billion or £2 billion in savings till the second half of 2015.

ArcelorMittal has said that it would save $3 billion by focusing on improving the reliability, productivity and energy efficiency at its blast furnaces and mills and also by moving to low-cost US gas. The steelmaker, headed up by Lakshmi Mittal, is affected by lower steel demand in Europe and is looking to improve margins by cutting costs.

ArcelorMittal has said that it expects the steel consumption to increase by between 3 and 3.5 per cent around the world. The company wants to increase its core profit per tonne of steel produced to $150 after it fell to $85 a tonne in the previous year from $118 in 2011.

The steel giant has said that it would sell 15 per cent stake in a Canadian mine operator to a consortium involving POSCO and China Steel. The deal, which involves transfer of ore mining and infrastructure assets in Quebec state to the Asian consortium, will be valued at $1.1 billion.

"Consortium acquired an 11.05 per cent interest in the joint venture for total consideration of USD 810 million in cash, with ArcelorMittal's wholly owned subsidiary ArcelorMittal Mines Canada retaining an 88.95 per cent interest in the joint venture," ArcelorMittal said in a statement.