ArcelorMittal is set to exit from Jharkand-Orissa Project

by khalid on 05/10/2009 · 0 comments


ArcelorMittal’s chief Lakshmi N Mittal is seeking to boost world No.1 steelmaker’s slim presence in the country of his birth. But at the same time he can not tolerate delay in his plan and thats why he is almost close to pulling out of a $20 billion plan to build two steel plants in India due to difficulties buying land. Delays in persuading farmers and others to sell land for the development in the states of Jharkand and Orissa were holding up the project.

Lakshmi N Mittal is of the view 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. Mittal 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.

ArcelorMittal is the largest steel company in the world, with 326000 employees in more than 60 countries. The company was formed in 2006 by the merger of Arcelor and Mittal Steel. It ranks 28th on the 2009 Fortune Global 500 list.

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