Arcelor Mittal to invest $25 billion in India

21 April 2008

ArcelorMittal, the world's largest steel maker,  has committed investments of nearly $25 billion in the country, a top company official said.

Shortly after Mittal Steel's acquisition of Arcelor SA in 2006, the combined entity had outlined plans for setting up two 12-million tonnes steel plants, one each in Orissa and Jharkhand, at an investment of invest $10 billion each.

Arcelor Mittal is putting up two steel plants of 12 million tonnes capacity each in Orissa and Jharkhand at a total cost of $20 billion.

Reports also said Mittal has earmarked about Rs2,400 crore towards corporate social responsibility (CSR) programmes, including resettlement and rehabilitation of the project-affected in India.

The company is also pursuing a joint venture proposal to manufacture stainless steel for the automobile sector with a Chennai-based steel maker, a report quoting Malay Mukherjee, a member of the group management board of the company, said.

Mukherjee is quoted as having said, "India is one of the star performers and we are very bullish about it. We are committed to invest nearly $25 billion."