360° Coverage : ArcelorMittal scraps Rs.40,000 crore steel plant in Odisha

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

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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
9

1 week ago

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7 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 individual ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
1

7 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 res ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 

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