"India is clearly on our priority list but it may be very low in our investment list. It depends on progress of the project, how we see things in 5 years," Mittal, Chairman of ArcelorMittal, the world's biggest steel, said here.
ArcelorMittal has so far been able to acquire only 1,800 acres out of 2,800 acres of land required for its proposed Rs 30,000 crore, 6 million tonnes a year Karnataka steel project.
Its plans to build two mega steel mills of 12 million tonne capacity each in Jharkhand and Odisha, too, haven't seen much progress.
If projects don't make progress, investment will slow down, he said. "If a project is not making progress, we will not be investing. We have a very rigorous capital allocation system in the company," Mittal said.
ArcelorMittal, he said, had emerging markets like India on top of its priority list "but when it comes to investment, if we do not see progress, it goes down in the list of allocation".
Mittal, however, is not giving up on Indian investments yet. "I am not giving up now. No, I am not giving up.
"I am little bit concerned. I feel bad. My country is not making progress. We cannot never ignore India, the future is here," he said.
ArcelorMittal, he said, was investing in brownfield expansion in steel and mining in Canda, Liberia and Brazil. (MORE) PTI ANZ DKR
