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Friday, November 4, 2011

ArcelorMittal CEO Mr LN Mittal sees a long way to go for steel plant in India

Friday, 04 Nov 2011

BS reported that ArcelorMittal said the company still has a long way to go in India before it takes a final view on the construction of the proposed steel plants.

Mr LN Mittal president & CEO of ArcelorMittal while declaring Q3 results did not sound very enthusiastic about the progress of the company in India.

In a select media call, he said “We have got mining leases & licenses, which are in different stages of progress. Some are prospecting licenses, some are exploration, but we haven't got mining operation approvals yet.”

He said the mining allocations to ArcelorMittal were done long before so there was some progress.

He told “But it's still a long way to go before we take a final view on construction.”

The company has been eyeing countries like Brazil and India for expansions and its growth drivers in newer markets. However, the market uncertainties have forced it to cut down on its planned steel investments.

All this is happening at a time when the company is yet to make any significant investments in India even after signing MoUs with state governments as early as 2005. Mr Mittal, last year, had said the company was looking to build smaller modules of steel plants in the emerging markets.

(source Business-standard)

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