ArcelorMittal says its Indian steel plants are on track

Mon. June 16, 2008; Posted: 04:10 AM

NEW DELHI, Jun 16, 2008 (Asia In Focus via COMTEX) -- MT | Quote | Chart | News | PowerRating -- ARCELORMITTAL's India plants are on track and will begin operations in 2012, its Chief Financial Officer and member of the group's management board, Aditya Mittal said. In an interview with CNBC TV 18, Mittal said the company is looking for acquisitions in steel and mining adding that he is disappointed with the progress of ONGC's (BSE:500312) joint venture.

* ArcelorMittal has planned two greenfield steel projects of 12 million tons capacity each in Orissa and Jharkhand. The investment in each of the projects would be Rs 40,000 crore.

* The global steel producer was recently allotted a mining lease for 500 acres in Karampada mines in Jharkhand to meet its iron ore requirement.

For full details on Arcelor Mittal (MT) click here. Arcelor Mittal (MT) has Short Term PowerRatings of 5. Details on Arcelor Mittal (MT) Short Term PowerRatings is available at This Link.

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