PTI reported that ArcelorMittal has shelved its plans of setting up steel facilities in Indonesia after finding the proposed endeavor to be unviable in the wake of the global economic slowdown.

Mr LN Mittal chairman & CEO of ArcelorMittal said that "We have looked at the feasibility of establishing steel facilities in Indonesia and, at this time, we are not pursuing the project."

Mr Mittal said that "We were evaluating it. So, it was never part of our strategy. Historically, there was a press news by the Indonesian government that ArcelorMittal was looking for a USD 10 billion investment, but never an announcement from our side. Future we don't know, but at this point of time, in short to medium term, I don't see feasibility of any Greenfield project in Indonesia."

ArcelorMittal had not made any formal announcement about the investment proposed in the Indonesia project, but media reports said it was to the tune of USD 10 billion.

Besides Indonesia, the steel major has proposed USD 20 billion Greenfield project in India, where it plans to set up integrated steel plants of 12 million tonnes annual capacity each in Jharkhand and Orissa.

(Sourced from PTI)