Arcelor Mittal inks MoU for investment in India

Thursday, 21 December 2006 16:35:06 (GMT+3)   |  
       

Arcelor Mittal, the world's largest steel producer, has announced today the signing of a memorandum of understanding (MoU) with the government of Orissa state in India for the construction of a steelmaking operation in the Keonijhar district. Under the scope of the agreement, Arcelor Mittal is planning to undertake a Detailed Project Report (DPR) based on the needs of the steel plant. The company will invest approximately Rupees 400 billion (approx. $9 billion) in the plant, which will be designed to have a total annual capacity of 12 million mts. The project will be developed in two phases of six million metric tons each. Commenting on the project, Mr Lakshmi N. Mittal, president and CEO of Arcelor Mittal, said, “We have always said that we want to have an operational presence in India. The Indian economy is demonstrating excellent growth and steel consumption is set to increase considerably in the future. Orissa is well known for its rich mineral reserves and as such is an ideal location for such a Greenfield venture. Mr Naveen Patnaik, its Chief Minister, has done an excellent job in attracting foreign investment to the region and it is showing signs of becoming one of the major steel industry hubs of the future.”

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