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|Hyderabad||Rs. 27770.00 (-0.14%)|
Luxembourg: ArcelorMittal Wednesday announced scrapping of its 12 million tonnes per year integrated steel plant in Keonjhar district of Odisha where it was supposed to invest Rs.40,000 crore in the project.
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 mill project in Karnataka.