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ArcelorMittal may shift projects within India

ArcelorMittal may shift projects within India
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First Published: Thu, Jan 07 2010. 03 42 PM IST
Updated: Thu, Jan 07 2010. 03 42 PM IST
New Delhi: No. 1 global steelmaker ArcelorMittal may consider shifting the location of its steel projects within India, chairman Lakshmi Mittal said on Thursday.
When asked whether the company may consider shifting its project in the eastern state of Orissa to some other place such as the southern state of Karnataka, Mittal said: “Which is possible.”
“Steel plants cannot be built in a day. Depending on the progress, and depending on various approvals, land acquisition, mining approvals, the priorities can change,” he said.
The company’s Indian unit has sought approval from the Karnataka state government to set up a steel plant, which will be in addition to its plans to build steel plants in the eastern Indian states of Orissa and Jharkhand.
The company has faced delays for its $20 billion plan to build the Jharkhand and Orissa plants, which would give it a presence in one of the few steel markets in the world still seeing demand growth.
In September last year, ArcelorMittal said it would acquire a one-third stake in Indian re-roller Uttam Galva, making its first investment in the country.
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First Published: Thu, Jan 07 2010. 03 42 PM IST
More Topics: ArcelorMittal | Steel | India | Karnataka | Steel plant |