World steel maker ArcelorMittal may shift projects within India

09:19, January 08, 2010      

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The world's number one steelmaker ArcelorMittal may consider shifting the location of its steel projects within India, said company chairman Lakshmi Mittal on Thursday.

When asked by local media whether the company may consider shifting its project in Orissa in eastern India to some other place such as Karnataka in southern India, 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 states of Orissa and Jharkhand, both in eastern India.

The company has faced delays for its 20 billion U.S. dollar plan to build the Jharkhand and Orissa plants, which would give it a presence in one of the few steel markets in the world.

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.

Source: Xinhua
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