Reuters, citing a Financial Times interview, reported that ArcelorMittal is close to pulling out of a USD 20 billion plan to build two steel plants in India due to difficulties buying land.
Mr LN Mittal chairman & CEO of ArcelorMittal an interview with the FT said that delays in persuading farmers and others to sell land for the development in the states of Jharkhand and Orissa were holding up the project.
The FT reported Mr Mittal as saying that “If we cannot make progress in these two sites we will have to abandon the idea of starting the projects there and look for other places in India for our expansion.”
Mr Mittal told the FT he is still committed to building at least one steel plant in India, but that dropping his plan for two plants producing together 24 million tonnes of steel a year by about 2015 would delay his plans for a sizeable presence in India by several years.
(Sourced from www.steelguru.com)
Sunday, October 4, 2009
ArcelorMittal may abandon Jharkhand and Orissa steel project - FT
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