Sunday, October 4, 2009

Mittal Set To Exit $20 Bln Indian Steel Project

. Sunday, October 4, 2009

By stockOzone team

Steel company ArcelorMittal (ISPA.AS) is close to pulling out of a $20 billion plan to build two steel plants in India due to difficulties buying land, its chairman and main owner, Lakshmi Mittal, told The Financial Times.

World's largest steelmaker ArcelorMittal may pull out of its USD 20-billion plan to build steel plants in Indian states of Jharkhand and Orissa, due to delays in land acquisition process, and look elsewhere in the country for the projects, its chief Lakshmi Mittal has said.

"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 Said.

The newspaper quoted Mittal as saying that the delays in persuading farmers and others to sell the land required for building the plants were "unacceptable" to the company.

Disclosure: Author does not own any of the stocks discussed here.

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