AreclorMittal’s plans to set up two greenfield steel plants in India has been delayed by at least two years on account of procedural delays and economic slowdown. The company was earlier hopeful of getting the project onstream by 2012.
"Production will not start before 2014," Vijay Kumar Bhatnagar, chief executive officer of the company’s India operations told reporters on the sidelines of a steel conference organised by FICCI.
The world’s largest steel company has plans to set up two steel plants with a combined capacity of 24 million tonnes in Orissa and Jharkhand. The company had estimated an investment of $20-25 billion in setting up these facilities.