Journalism of Courage
Unhappy over the delay in getting clearances for his projects,Lakshmi Mittal,chairman and CEO of ArcelorMittal,the world8217;s largest steelmaker,has said India was not his top priority for investment.
Speaking on the sidelines of a convocation of Indian Institute of Management,Ahmedabad,where he was the chief guest,Mr. Mittal said: 8220;I do not want to give you any timeline about my Indian projects8230;experienced so much of delay.8221;
8220;.. India is not in my top priority for investment,it is top priority as a country but not a top priority for investment,8221; he said.
ArcelorMittal had inked an MoU with Orissa government in December 2006 to set up a 12 mtpa steel plant in Keonjhar district at an investment of Rs. 40,000 crore,but it has been facing delay.
Another project of the company in Jharkhand is also facing delay.
Meanwhile,sharing his global outlook on steel,Mittal said that despite the European steel demand being down by 30 per cent,emerging countries like India and China as also Africa will continue to do well.
According to him,global steel demand would continue to grow at around 3.5 per cent.
8220;Inspite of the fact that European steel demand is down by 30 per cent8230; there are many countries around the world like American region,emerging markets like India,China,Africa,all these countries will continue to grow,8221; Mittal said adding globally the demand for steel would continue to grow at 3 to 3.5 per cent.
