8 Updates
ArcelorMittal scraps Rs.40,000 crore steel plant in Odisha
Photo Credit: JEAN-CHRISTOPHE VERHAEGEN, Getty Images

ArcelorMittal scraps Rs.40,000 crore steel plant in Odisha

Jul 17 2013, 11:54am CDT | by

Luxembourg/Bhubaneswar, July 17 (IANS) ArcelorMittal Wednesday announced scrapping of its 12 million tonne per year integrated steel plant in Keonjhar district of Odisha where it was supposed to invest Rs.40,000 crore.

Luxembourg/Bhubaneswar, July 17 — ArcelorMittal Wednesday announced scrapping of its 12 million tonne per year integrated steel plant in Keonjhar district of Odisha where it was supposed to invest...

Filed under: news

YouTube Videos

 
 
 

1 year ago

ArcelorMittal scraps Rs.40,000 crore steel plant in Odisha

Jul 17 2013, 11:54am CDT | by

Luxembourg/Bhubaneswar, July 17 (IANS) ArcelorMittal Wednesday announced scrapping of its 12 million tonne per year integrated steel plant in Keonjhar district of Odisha where it was supposed to invest Rs.40,000 crore.

Luxembourg/Bhubaneswar, July 17 — ArcelorMittal Wednesday announced scrapping of its 12 million tonne per year integrated steel plant in Keonjhar district of Odisha where it was supposed to invest Rs.40,000 crore.

The world's largest steel maker said it was exiting the project since it was unable to get the necessary land and mines.

"Over the last seven years we have invested considerable resources into this project; however, the delays relating to land acquisition and allocation of captive iron ore blocks means this project is no longer viable," said Vijay Bhatnagar, executive vice president and member of the management committee, CEO of India and China.

The company had signed an MoU with the Odisha government in December 2006. The company, however, said it will continue with its projects in Jharkhand and Karnataka.

ArcellorMittal's decision came a day after South Korean steel maker POSCO scrapped its Rs.30,000 crore steel project in Karnataka.

Reacting to the development, the authorities in Odisha said they were not surprised by the announcement.

"The project was already in a dormant state since the past few years and Mittal was not pursuing it," state Steel and Mines Minister Rajanikanta Singh told IANS.

"The government was following the matter repeatedly but there had been no response from them (company) neither did they (company) deposited the required charges for the land they wanted for the project," he said.

"I don't know why they made an announcement at this point of time when they were not doing anything for the last two years," said an official of the state steel and mines department.

IANS

Source: IANS

 
Update
8

1 week ago

Defense contractor plans new Augusta office

Jul 22 2014 1:41pm CDT | Source: Augusta Chronicle

A Pennsylvania-based information technology and software development firm will be setting up shop in Augusta. The Augusta Economic Development Authority announced Tuesday that Sabre Systems Inc. will be opening an office in Enterprise Mill, prompted by the upcoming move of Cyber Command to Fort Gordon. Sabre Systems, headquartered in Warrington, Penn., has five other offices in Maryland, New Jersey and Virginia. In addition to being a defense contractor, the company has co ...
Source: Augusta Chronicle   Full article at: Augusta Chronicle
 

 
Update
7

2 weeks ago

Liberia: Stay Out of Legal Issues, Madam President

Jul 14 2014 6:17am CDT | Source: AllAfrica.com

[NEWS]Nursing The Injuries from the riot sustained on the properties of ArcelorMittal in Yekepa, Nimba County last week, President Ellen Johnson-Sirleaf sounds exasperated having seen the level of damage done on the company's facilities. The Liberian leader thinks that restitution must be made since individuals alleged to have committed the act have been arrested and awaiting ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
6

2 weeks ago

Liberia: 'Attack On Liberia's Economy'

Jul 11 2014 5:41am CDT | Source: AllAfrica.com

[NEWS]President Ellen Johnson-Sirleaf says the recent attack on facilities of ArcelorMittal in Nimba County was an attack on Liberia's economy and its future. President Sirleaf said while the government awaits the outcome of preliminary assessment of the full extent of damage caused by the riot, the response of the government will be decisive, immediate and forcef ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
5

7 weeks ago

IMG to meet next week to review BGs of 61 coal blocks

Jun 11 2014 6:00am CDT | Source: Business Standard

The meeting of inter-ministerial group (IMG) on coal blocks to look into the issue of bank guarantees related to 61 mines alloted to firms such as ArcelorMittal, Tata Steel and JSPL which was to be held today has ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

7 weeks ago

Head of eBay's PayPal unit steps down to join Facebook

Jun 10 2014 3:05am CDT | Source: Bridgeville Public Library

The meeting of inter-ministerial group on coal blocks to look into the issue of bank guarantees related to 61 mines allocated to firms such as ArcelorMittal, Tata Steel and JSPL has been postponed fro ...
Source: Bridgeville Public Library   Full article at: Bridgeville Public Library
 

 
Update
2

7 weeks ago

IMG to meet tomorrow to review BGs of 61 coal blocks

Jun 10 2014 2:22am CDT | Source: Business Standard

The meeting of inter-ministerial group on coal blocks to look into the issue of bank guarantees related to 61 mines allocated to firms such as ArcelorMittal, Tata Steel and JSPL has been postp ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

7 weeks ago

VIDEO: Pinsent abseils with Queen's Baton

Jun 8 2014 3:20am CDT | Source: BBC News

Rowing legend Sir Matthew Pinsent has abseiled down the ArcelorMittal Orbit with the Queen's Commonwealth Bato ...
Source: BBC News   Full article at: BBC News
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

OPEC daily basket price closes tad higher
Vienna, July 30 (IANS) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $105.44 a barrel Tuesday, against $105.22 last Thursday, according to the OPEC Secretariat.
 
 
Moscow calls US sanctions 'illegitimate'
Moscow, July 30 (IANS) The economic sanctions imposed by the United States are a revenge on Russia, the country's foreign ministry said Wednesday.
 
 
EU boosts funding to fight Ebola epidemic
Brussels, July 30 (IANS) The European Union Wednesday allocated an additional 2 million euros ($2.68 million) in aid to tackle the Ebola epidemic in West Africa.
 
 
Top doctor in Sierra Leone dies of Ebola
Nairobi, July 30 (IANS/EFE) Sierra Leone's top Ebola virus doctor, Sheikh Umar Khan, died a few days after contracting the lethal disease which has claimed the lives of 672 people in Western Africa, health authorities in Sierra Leone announced Wednesday.
 
 
 

Latest from the Network

OPEC daily basket price closes tad higher
Vienna, July 30 (IANS) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $105.44 a barrel Tuesday, against $105.22 last Thursday, according to the OPEC Secretariat. The...
Read more on Business Balla
 
England set 445-run target for India
Southampton, July 30 (IANS) England declared their second innings at 205 for four at tea and set a target of 445 runs for India on the fourth day of the third cricket Test at The Rose Bowl here Wednesday. Alastair...
Read more on Sport Balla
 
Malaysian police officers head for MH17 crash site
Kuala Lumpur, July 30 (IANS) Sixty eight Malaysian police officers left Wednesday night for Kiev to secure the crash site of Malaysia Airlines flight MH17 and help experts carry out their assessment. "We will be...
Read more on Politics Balla
 
Indian shuttlers advance to last 16
Glasgow, July 30 (IANS) Indian shuttlers made merry at the Commonwealth Games Wednesday as all of them won their respective matches in straight games to enter the last 16 at the Emirates Arena here. P.V. Sindhu and P....
Read more on Sport Balla
 
Indian wrestler Sakshi settles for silver
Glasgow, July 30 (IANS) Indian wrestler Sakshi Malik also had to settle for the silver medal after she lost her women's freestyle 58 kg final to Nigeria's Aminat Adeniyi in the 2014 Commonwealth Games at the SECC Hall...
Read more on Sport Balla
 
Indian shuttlers reach Round of 16 (Roundup)
Glasgow, July 30 (IANS) Indian shuttlers made merry at the Commonwealth Games Wednesday as all of them won their respective matches in straight games to enter the last 16 at the Emirates Arena here. P.V. Sindhu and P....
Read more on Sport Balla
 
Kate Moss boards flight 'drunk'
Los Angeles, July 30 (IANS) Model Kate Moss reportedly boarded a flight from Turkey to London "drunk". She was also not carrying her boarding pass. Moss, 40, turned up at Bodrum Airport intoxicated and held up a queue...
Read more on Celebrity Balla
 
Tea scoreboard: India vs England, day 4, third Test
Southampton, July 30 (IANS) The following is the lunch scoreboard on day four of the third cricket Test between India and England at The Rose Bowl here Wednesday: England (first innings 569/7 declared) India (first...
Read more on Sport Balla
 
England set India 445-run target (Tea report)
Southampton, July 30 (IANS) Aggressive batting by England helped them reach 205 for four declared in the second innings at tea, setting India a 445-run target on the fourth day of the third Test at The Rose Bowl here...
Read more on Sport Balla
 
Moscow calls US sanctions 'illegitimate'
Moscow, July 30 (IANS) The economic sanctions imposed by the United States are a revenge on Russia, the country's foreign ministry said Wednesday. "There is an impression that the American sanctions have only one aim...
Read more on Politics Balla