Indian Farmers Fight Billionaire Mittal, Posco for Water Rights
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ArcelorMittal and Posco are leading $80 billion in planned spending in India that would vault the country ahead of Japan as the second-biggest steelmaker. Standing in the way are farmers and their water supply.
The farmers refuse to move from irrigated land in three states that hold more than half of India’s reserves of iron ore, a key material to make steel. That’s stymied Prime Minister Manmohan Singh’s ambitions to more than triple India’s steel capacity to 232 million metric tons.