The Telegraph reported that ArcelorMittal confirmed that it is exploring alternative sites for its two Greenfield plants in India within Jharkhand and Orissa and in other states as well.

Mr Sudhir Maheshwari, member of the group management board of the company while speaking at the National Metallurgists’ Day organised by the Indian Institute of Metals at Kolkata said that “India is at the very core of our growth strategy and there was no question of pulling out.”

However, he warned that even as India was the most promising market, there were obstacles which could hurt the speed at which, or the extent to which, India reached the full extent of that promise. He said “Steel companies have pledged billions of dollars to expand in India but they are struggling to secure land”

ArcelorMittal had earlier promised USD 20 billion to build two 12 million-tonne plants in Jharkhand and Orissa but slow land acquisition had delayed the process.

(Sourced from The Telegraph)