It is reported that leading world steelmakers ArcelorMittal and POSCO both plan to set up new steel plants in India, each with an annual capacity of 6 million mt. The combined investment amount will be close to $14 billion.
ArcelorMittal is scheduled to sign an agreement in June to invest Rupees 300 billion ($6.6 billion) in the southern Karnataka state in order to build a plant with an annual capacity of 6 million mt.
Meanwhile, POSCO as also announced that it will make an investment of Rupees 323 billion ($7 billion) for the construction of a new 6 million mt steel plant in Karnataka state.
Moreover, it seems that these two giants have further investment plans in India. ArcelorMittal recently stated that it was fully committed to its plants in the eastern Indian states of Orissa and Jharkhand and had no plans to drop its proposed sites in the two states.
Meanwhile, POSCO has already planned to build a 12 million mt plant in Orissa, with a proposed investment of $12 billion.