Arcelor to invest in India

Arcelor to invest in India

Luxembourg-based steel giant Arcelor announced plans to invest in India for steelmaking, sources report. Alain Davezac, Vice-President of Arcelor's international business, indicated that Arcelor decided to invest in India in-principle; however, the company has not yet decided on the structure of the investment. Arcelor is expected to disclose the details of the investment project in 2-3 months' time. Mr. Davezac also indicated that Brazil holds the priority in Arcelor's foreign investment program, followed by Ukraine. The project will mark the third foreign direct investment in India's steel sector. The previous ones were made by Mittal Steel, the world's largest steel producer, and South Korean steel giant POSCO. Some believe that India, with its abundant iron ore reserves, is on the verge of a steel industry boom.