ArcelorMittal’s First Indian Steel Mill May Beat Posco Plant
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ArcelorMittal may beat South Korea’s Posco to become the first overseas steelmaker to build a plant in India, with Karnataka state authorities set to hand over land for the $6.3 billion project in the next six months.
The government of the southern province, where ArcelorMittal aims to build a 6 million-metric-ton-a-year plant, has acquired more than three-quarters of the 4,000-acre site in the Bellary district from farmers, state Industries Commissioner Maheshwar Rao said in a phone interview. Posco, also planning a 6 million-ton plant in the state, has yet to pick a location, according to state Industries Minister Murugesh Rudrappa Nirani.