The Telegraph
Since 1st March, 1999
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Mittals ink steel deal with Orissa

Bhubaneswar, Dec. 21: Arcelor-Mittal today signed an MoU with the Orissa government for a 12-million-tonne greenfield steel project at an investment of Rs 40,000 crore.

The company, however, made it clear that the MoU did not spell curtains for a similar project in neighbouring Jharkhand.

The Mittal group had signed a similar MoU with the Jharkhand government in Ranchi last year. But the project has not taken off because of hitches in the allotment of the high-quality iron ore mines at Chiria.

Keeping the doors open for Jharkhand, Malay Mukherjee, member, group management board of Arcelor-Mittal, said: “Jharkhand is very much in our mind. But we are a growth-oriented company. We believe in doing things quickly. We will go where we can grow faster.”

He said in Orissa, they had moved fast, within five months, and the company wants the process to continue.

In July this year, Arcelor-Mittal group chief L.N. Mittal had visited Orissa and announced that a 12-million-tonne plant would be set up.

“In the last five months, we have been able to select the site, make preliminary studies and sign the MoU,” Mukherjee said.

The preliminary detailed project report will be ready within six months. The final report is expected in another 18 months, Mukherjee said.

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