ArcelorMittal may look for alternative sites in India
Thursday, 05 Nov 2009
Bloomberg reported that ArcelorMittal may look at other locations for its proposed factories in India after facing delays for more than four years in securing land and iron ore mines in Jharkhand and Orissa.
Mr Vijay Kumar Bhatnagar head of ArcelorMittal’s India unit in New Delhi said that “We are looking at opportunities in India. We may look at alternative sites. It could be within the states."
He added that “While we appreciate the problems in the states, we are unhappy with the progress.”
This statement comes amidst reports that the Karnataka government is ready to offer ArcelorMittal an alternative site.
The eastern states of Jharkhand, Orissa and Chhattisgarh, however, have an attraction for investors in that the two together hold 70% of the country's coal reserves and 55% of its iron ore. Global steelmakers including ArcelorMittal and South Korea's POSCO are vying for a spot in the region despite disputes and delays in allocating mining licenses.
