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

9 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
9

3 days ago

Europe Markets: ArcelorMittal climbs; Antofagasta slides: European movers

Aug 26 2014 4:11am CDT | Source: MarketWatch

Steelmakers post some of the biggest gains in Europe after UBS turns positive on the sector, while Antofagasta falls after reporting e ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
8

2 weeks ago

Ebola triggers force majeure at Liberia mine:ArcelorMittal

Aug 9 2014 5:48am CDT | Source: Business Today

ArcelorMittal, which mines and ships 5 million tonnes of iron ore a year in Liberia, has been working on an expansion project that would increase shipments to 15 million tonnes of iron ...
Source: Business Today   Full article at: Business Today
 

 
Update
7

3 weeks ago

ArcelorMittal: Why I Hold What I Hold

Aug 5 2014 2:53am CDT | Source: SeekingAlpha

By Palathingal Frank:The irony of this post is not lost on me given the previous post that I published regarding Microsoft (NASDAQ:MSFT). While MSFT is an easy bet with a clean balance sheet, a tremendously profitable business model and a market domination of sorts, my next recommendation is not such an easy one with a balance sheet loaded with debt, a poor Return on Equity (RoE), shrinking margins and a challenging global operating environment.Let me s ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
6

3 weeks ago

3 Reasons Why Vale's Turnaround Isn't Likely

Aug 5 2014 1:30am CDT | Source: SeekingAlpha

By Anup Singh:Vale (NYSE:VALE), the Brazilian mining giant, missed estimates on both top and bottom lines in the second quarter as the company continues to remain challenged by a weak end-market environment for iron ore. In fact, Vale missed the bottom line forecast by a whopping $0.17 per share, and its revenue of $9.9 billion was way below the $10.63 billion revenue expectation due to weak ir ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
5

4 weeks ago

The Wall Street Journal: ArcelorMittal warns on profit as lower iron-ore price weighs

Aug 1 2014 10:10am CDT | Source: MarketWatch

Steelmaker returns to second-quarter profit, but lowers its ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
3

5 weeks 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. ...
Source: Augusta Chronicle   Full article at: Augusta Chronicle
 

 
Update
2

6 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 ar ...
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 response of ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 

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

Modi leaves for Japan
New Delhi, Aug 30 (IANS) Prime Minister Narendra Modi left for Japan Saturday morning on his first bilateral visit outside the Indian subcontinent.
 
 
Modi embarks on Japan visit
New Delhi, Aug 30 (IANS) Prime Minister Narendra Modi left for Japan Saturday morning on his maiden bilateral visit outside the Indian subcontinent.
 
 
Modi government selling off Indian assets: Mamata
Kolkata, Aug 30 (IANS) Accusing the Narendra Modi led BJP government of selling out the country's assets by embracing FDI across sectors, West Bengal Chief Minister Mamata Banerjee Friday warned that such policies would put Indian economy in grave crisis.
 
 
13 die of Ebola in DRC
Kinshasa, Aug 29 (IANS) A total of 13 people, including five doctors, died of Ebola virus disease in the Democratic Republic of Congo (DRC), the country's Minister of Public Health Felix Kabange told Xinhua Friday.
 
 
 

Latest from the Network

Fugitive Colombian warlord nabbed in Panama
Bogota, Aug 30 (IANS/EFE) A former rightist militia chief convicted in absentia for his role in massacres has been arrested in Panama, Colombian police said Friday. Colombian police informed Panamanian counterparts...
Read more on Politics Balla
 
Brazil's Gremio bans five fans over racist abuse
Rio De Janneiro, Aug 30 (IANS) Brazilian club Gremio have banned its five fans from attending home matches after they were found to be involved in racially abusing a player. Santos goalkeeper Aranha was racially...
Read more on Sport Balla
 
44 detained UN peacekeepers safe: UN
United Nations, Aug 30 (IANS) The 44 UN peacekeepers detained Thursday by militants in the Golan Heights are "safe and in good health", a UN spokesman said late Friday. "The United Nations has received assurances from...
Read more on Politics Balla
 
Jessica Chastain demands a female superhero movie
Los Angeles, Aug 30 (IANS) Actress Jessica Chastain demands a female superhero movie, which should have Scarlett Johansson in the lead role. The acclaimed actress, who starred in the 2013 horror film "Mama", says...
Read more on Celebrity Balla
 
Putin, Poroshenko agree on aid delivery to Ukraine by railway
Moscow, Aug 30 (IANS) Russian President Vladimir Putin said Friday he has agreed with Ukrainian President Petro Poroshenko on the proposal of delivering humanitarian assistance to southeastern Ukraine by train. "We...
Read more on Politics Balla
 
Militants take hostate 44 peacekeepers in Golan
United Nations, Aug 30 (IANS) At least 44 peacekeepers have been taken hostage by the militnts in the Golan Heights, a UN spokesperson said Friday. "The United Nations Department of Peacekeeping Operations (DPKO)...
Read more on Politics Balla
 
Seacrest hopes to have 'great marriage' like parents
London, Aug 30 (IANS) Anchor-producer Ryan Seacrest, who is dating Shayna Taylor, says he would like to have a fantastic marriage just like his parents. The 39-year-old admires his parents - Connie and Gary - and...
Read more on Celebrity Balla
 
Moscow threatens to retaliate against Poland
Moscow, Aug 30 (IANS) Moscow Friday threatened to take retaliatory measures against Poland, after its authorities refused permission to a plane carrying Russian Defence Minister Sergei Shoigu to enter its airspace....
Read more on Politics Balla
 
Over three million flee Syria since 2011: UN
Geneva, Aug 30 (IANS/EFE) The number of Syrians forced to flee their country as a result of the civil war that began in 2011 topped three million Friday, UN refugee agency said. Journey out of Syria is becoming...
Read more on Politics Balla
 
Madonna slams Gaga in leaked song
London, Aug 30 (IANS) Pop star Madonna has reportedly called Lady Gaga a "copycat" in the lyrics of her leaked track "Two Steps Behind Me". The 56-year-old wrote the song about the "Pokerface" hitmaker in which she...
Read more on Celebrity Balla