The firm hoped to finalise the Indonesian investment within a matter of weeks and months, Ondra Otradovec, vice president and co-head of M&A at ArcelorMittal, said.
No we are able to finance that from our own internal funds, said Otradovec when asked what funding arrangements it was putting in place.
As part of its investment plans for Southeast Asia's top economy, ArcelorMittal has proposed an iron ore and coal mining joint venture with local mining firm PT Aneka Tambang Tbk
We are prepared to move extremely quickly. We are however dependent upon our partners at Krakatau steel and within the government, said Otradovec, who was speaking from London in a telephone interview.
So as soon as the government is prepared to discuss with us in more detail our proposal and our intention we can engage very quickly, he added.
ArcelorMittal, which accounts for about a tenth of world steel output, has also said it is interested in buying a stake in Krakatau Steel, even if it is below 50 percent.
Krakatau Steel, Indonesia's sole producer of hot-rolled steel coil and cold-rolled steel coil, produced 1.8 million tonnes of steel products in 2007, or 30 percent of total Indonesia's steel demand at 6 million tonnes.
The government wants to retain a majority stake in the firm. (Reporting by Ed Davies and Harry Suhartono)
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