Steel titan ArcelorMittal (MT) will stick to its core capital expenditure plan of investing in mining projects, and will review non-core investments in light of current economic uncertainties with a view to potentially slowing down some investment, its chief executive said Friday.

Lakshmi Mittal, chief executive and chairman of the world's largest steelmaker, said at the company's investor day that the 10% capital expenditure increase announced in the second quarter would be reviewed.

ArcelorMittal said in its second quarter results that it had increased its 2011 capital expenditure plan by 10%, to $5.5 billion, after approving plans to expand its Canadian iron ore operations and Brazilian steel processing facilities and to invest in energy efficiency programs.

CEO Mittal said Friday that ArcelorMittal is "reviewing flexibility" on some non-core projects, and sees "some flexibility on steel projects."

Chief Financial Officer Aditya Mittal said the company will continue to calibrate its steel projects to evolving scenarios but will continue to invest in expanding its mining operations.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

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