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.