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ArcelorMittal Reports Progress in Its Indian Greenfield Projects
11/23/2007 - The Government of India allocates steam coal blocks for the first phase of ArcelorMittal’s Indian greenfield projects in Jharkhand and Orissa.
ArcelorMittal reports that it has been allocated steam coal blocks for the first phase of its Indian greenfield projects in Jharkhand and Orissa.
The projects—integrated steel plants each with a total annual capacity of 12 million tonnes—are being built for a combined investment of approximately USD 20 billion. The company plans to develop the projects in two phases of 6 million tonnes each. Each plant will also have captive power units for which the coal block allocations will be utilized.
The Government of India has allocated ArcelorMittal coal blocks on a sharing basis at the Sereghara block in Jharkhand, and the Rampia and Dip-side Rampia block in Orissa. In Jharkhand, ArcelorMittal has been allocated 83.33 million tonnes of steam coal out of the 150 million tonnes allocated. In Orissa, the share is 84.16 million tonnes out of a total of 645.24 million tonnes.
“This is a good beginning toward the realization of our Jharkhand and Orissa projects, which will both bring considerable economic benefits to India and the states of Jharkhand and Orissa in particular,” said M P Singh, Vice President Mining, Mergers and Acquisitions at ArcelorMittal. “This announcement is a positive sign that the Government of India and the State governments of Jharkhand and Orissa are supportive of ArcelorMittal and our commitment to these projects.”
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
