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
7

1 week ago

ArcelorMittal, Gerdau sell US steel mill for $770 million

Oct 9 2014 3:04am CDT | Source: Business Standard

World's biggest steel producer ArcelorMittal along with Brazil's Gerdau has completed sale of their 50 per cent stakes in US-based Gallatin to Nucor Corp for USD 770 million as part of its strategy to divest non-core asse ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
6

2 weeks ago

Italy's Ilva steel plant set to attract bids from JSW, ArcelorMittal

Oct 3 2014 10:48am CDT | Source: Reuters India

LONDON/ROME (Reuters) - Italy's troubled Ilva steel plant could attract bids from two foreign groups within days, industry sources said on Friday, holding out a lifeline to the lossmaking plant whose future is in doubt following an environmental scandal in ...
Source: Reuters India   Full article at: Reuters India
 

 
Update
5

5 weeks ago

ArcelorMittal, Gerdau to sell US mill

Sep 15 2014 1:17pm CDT | Source: Business Standard

World's biggest steel producer ArcelorMittal on Monday said it has inked a pact with Brazil's Gerdau to sell their 50 per cent stakes in US-based Gallatin for $770 million, as part of its s ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

6 weeks ago

Weekly Metals And Mining Recap: ArcelorMittal, Newmont And Rio Tinto

Sep 9 2014 7:40am CDT | Source: Forbes Real Time

Metals and mining stocks had an eventful week with ArcelorMittal unveiling a new range of steels, Newmont Mining reaching an agreement with the Indonesian government over the issue of export taxes and Rio Tinto deciding to cut jobs. However, there were no significant changes in ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
3

6 weeks ago

Africa urges end to Ebola travel ban as infections set to soar

Sep 8 2014 1:19pm CDT | Source: Business Insider

Addis Ababa (AFP) - African Union chiefs called Monday for travel bans imposed to stem the deadly Ebola epidemic to be lifted, even as World Health Organization warned of "many thousands" more infections in coming weeks.The death toll from the Ebola epidemic -- which is spreading across west Africa, with Liberia, Guinea and Sierra Leone the worst hit -- has topped 2,000, with nearly 4,000 people now infected, the WHO said.The UN agency warned Lib ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
1

8 weeks 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 report ...
Source: MarketWatch   Full article at: MarketWatch
 

 

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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
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