October 07, 2008

ArcelorMittal plans USD 300 million R&R and CSR in Jharkhand

It is reported that ArcelorMittal has decided to spend about USD 300 million on rehabilitation & resettlement and corporate social responsibility in Jharkhand. The money will be spent in the next few years at Torpa and its adjoining areas, where it will set up a plant with a capacity of 12 million tonnes per annum.

Mr Remi Boyer VP of ArcelorMittal said that it is very serious about welfare of the people at the proposed site of the Greenfield project. He added that "We are here to stay and for generations. Indian projects are on the priority list and the company is serious about the welfare of the local population, their ethnic needs and culture. To ensure this, it will invest about USD 300 million on welfare activities in the first phase. This will include the amount spent on R&R and CSR."

He said that the amount will be spent under different heads, including health, development, economic activities, socio culture aspects, education and women empowerment. Once the plant starts operating, the amount spent on CSR will be something in between 1% and 3% of the profits depending on requirements.

Mr Sanak Mishra CEO of ArcelorMittal India Limited said that the initial work for the project has been completed and a detailed project report would be ready by December 2008.