The world's largest steelmaker ArcelorMittal has signed an agreement with the government of the Indian province of Karnataka to build a new steel plant in the province's iron ore-rich Bellary district, Indian press reports have said.
As SteelOrbis previously reported, ArcelorMittal had announced that it would 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.
The agreement was signed on Thursday, June 3, at the Global Investors Meet organized by the Karnataka government, the reports said, adding that Karnataka has iron ore reserves of 3.4 billion metric tons, being the second largest in India.
The company has been waiting for approvals for a similar project in Jharkhand and Orissa.