Bloomberg reported that ArcelorMittal and POSCO may start building their proposed steel plants in India next year as domestic demand defies the global recession.
Mr Virbhadra Singh Indian steel minister in an interview told that “POSCO is very keen and would like to start tomorrow. I am hopeful that POSCO will begin work next year.”
He, without giving details, said that “The issue has to be resolved by the local people and the state government. I am ensuring the process is expedited.”
He added that ArcelorMittal should also be able to start next year, at least on one of its two plants. Mr Singh told that “Mr LN Mittal met me a few days ago and put forward the problems. I am using my good offices to see the state governments expedite the process. ArcelorMittal is looking at how the global market shapes up and wants to synchronize its production with the global situation.”
He told that “I am talking to state governments to ensure the companies get mining leases and can start work. India needs extra capacity because soon we’ll not be able to meet demand.”
Prime Minister Dr Manmohan Singh’s administration, which returned to power in May, aims to resolve land disputes and delays in allocating mining licenses to mills to help achieve as much as 9% economic growth.
(Sourced from http://www.steelguru.com/news/index/2009/09/11/MTExMTk0/Indian_steel_minister_hopeful_on_ArcelorMittal_and_POSCO_steel_plants.html)
Thursday, September 10, 2009
Indian steel minister hopeful on ArcelorMittal and POSCO steel plants
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