The firm said in a press statement on Tuesday that if successful, it would massively “increase the ability to rapidly produce ventilators.”

Although the World Health Organization says that 80% of people with coronavirus does not require hospital treatment. In more serious cases patients can develop breathing difficulties, leading to lung failure. Ventilators save lives by regulating the body's breathing until it fights off the infection. According to the World Economic Forum (WEF), they are in short supply.

ArcelorMittal said it is also developing a prototype for an advanced ventilator which, “in addition to providing lungs with oxygen”, could use AI algorithms to incorporate feed medicines to patients.

It is one of several firms to develop solutions to the global health crisis. Italian doctors have been using beach snorkelling masks to treat critical patients, while Dyson designed a new ventilator within 10 days, according to WEF.

ArcelorMittal added it had offered space to medical facilities to host additional wards on sites it operates, and was working with associates to bring medical equipment to countries facing an escalation and which were struggling to source supplies, such as India and Liberia.