NEW DELHI: World’s biggest steelmaker, ArcelorMittal, may be looking at slashing by half its proposed investments in the first phase of India rollout plans but will not scale down its target of achieving a total production capacity of 24 million tonnes in the country, a top company executive said on Wednesday.
Initially we were thinking of putting six million tonnes per annum steel plant in phase one. We may put up smaller plants… we could cut the size to three MTPC (million tonne per annum) in each phase due to the slump in demand and other issues, including land acquisition problems in India… Investments could naturally come down in the same proportion,” company’s India CEO Vijay Bhatnagar told reporters on the sidelines of an industry meet.
ArcelorMittal’s original plan was to invest Rs 100,000 crore in setting up two steel plants in Orissa and Jharkhand, with a capacity of 12 million tonnes each. But along with a global slump in steel demand due to economic slowdown, the company also sees a delay of at least two years in commencing production from its proposed plants in India, Bhatnagar said.
“We already have a process of acquiring mining and land. It turned out to be much more slow than what we expected in the beginning… and then on top of it we have the unexpected global slowdown… Our estimate is that (our) projects are getting delayed by minimum two years.”
Source: http://timesofindia.indiatimes.com/Business/Mittal-to-slash-India-steel-/articleshow/4407272.cms#write
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