London: India does not figure among ArcelorMittal's top investment priorities as its $30 billion steel projects face long delays, Chairman L N Mittal said on Thursday. However, the country from where UK-based billionaire comes from remains a priority for the world's largest steel producer.
"India is always in our top of the list in terms of priority because we see so much of potential and growth and we see the future requirements of steel in the country... but it is not in the top investment list," he said in a conference call, after announcing quarterly results of the ArcelorMittal in Luxembourg.
In the face of global demand depression, ArcelorMittal's net income has plunged to $11 million in the first quarter of 2012, compared to $1.069 billion of the same period in 2011.
In India, the company has been trying to get regulatory clearances and land for its $30 billion plans for the six years....more
11:10 PM, May 10, 2012
Luxembourg: ArcelorMittal's planned steel plant investments in India are likely to be stalled for years, the company's chief executive said on Tuesday. "We continue to experience difficulties in India. My belief is that the Indian projects may not see the light for five to 10 years," Lakshmi Mittal told the company's annual shareholder meeting. Asked by Reuters later to expand on this view, Mittal said he might have overstated the...
10:52 PM, May 08, 2012