Arcelor plans to build steel plant in Orissa

Arcelor plans to build steel plant in Orissa

Luxembourg-based steel producer Arcelor is reportedly planning to establish a steel plant in Orissa, India. The company has already sent a delegation to Orissa to discuss the subject. It is stated that Japanese steel maker Nippon Steel Corp (NSC) may be the partner of Arcelor in the Orissa project. As previously reported by SteelOrbis, both Indian and foreign steel companies plan to invest in Orissa to establish steel plants in the region. POSCO plans to build a steel plant in the region with Australia's BHP Billiton. Since Orissa has huge iron ore deposits, many companies plan to invest in the region as they will have stable source for raw materials. Orissa possesses 80% of India's iron ore reserves. The Orissa government announced that it will evaluate the proposals and mining leases will be given in line with the amount of the investment.