Mittal plans $20 bn spend for 2 plants in India
Arcelor Mittal, world’s largest steelmaker, will spend $35 billion on capacity expansion of steel plants across the world, the company CEO said in an interview.
“Of the $35 billion, $20 billion will go on two steel plants in India, in the states of Jharkhand and Orissa. If all goes according to plan, each plant will be making 12 million tonne of steel a year by around 2015,” he told the daily.
According to the report, Mittal believed that two plants in India made sense in a country where the demand for steel was growing fast, even though many in the industry had assumed that only one of the two projects would go ahead.
By 2020, India could be consuming 200 million tonne of steel a year (roughly four times higher than now), the steelmaker said.
The overall spending plans, with significant focus on India, were justified by strong demand for steel in most countries, Mittal pointed out.
