Global steel giant
ArcelorMittal has announced that it has decided not to progress with its planned construction of an integrated steel plant and a captive power plant in the state of Odisha,
India.
ArcelorMittal initially planned to construct a 12 million mt integrated steel plant in Keonjhar district and signed a memorandum of understanding with the government of Odisha in December 2006. However, the project has faced significant external delays.
ArcelorMittal has not been able to acquire the requisite land for the steel plant, nor has it been able to ensure captive iron ore security, which is a necessary requirement for the project. Therefore, taking into account the current economic climate,
ArcelorMittal has concluded it will no longer be pursuing its plans for a steel plant in Keonjhar at this stage.
According to
ArcelorMittal, this decision will not affect the company's plan to pursue its two other Indian projects in Jharkhand and Karnataka.