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Msg  36 of 36  at  3/4/2021 6:22:46 PM  by

marpincan


MT expanding presence in India


 

ArcelorMittal plans $6.9B Indian steel plant

Mar. 04, 2021 9:53 AM ETArcelorMittal (MT)By: Carl Surran, SA News Editor2 Comments
  • ArcelorMittal (MT -2.2%) has signed a deal to build a 12M tons/year steel plant in India's mineral-rich Odisha state with an investment of 500B rupees ($6.9B), Bloomberg reports.
  • ArcelorMittal previously attempted to build a similar capacity plant in Odisha more than a decade ago but abandoned the plan in 2013 due to its failure to get suitable land and necessary permits to mine iron ore.
  • This time, the company already has a foothold in India after acquiring Essar Steel India's assets in 2019 under a bankruptcy process.
  • After a difficult 2020, steel prices have soared in Europe and hit a near 10-year high in China, lifting earnings of steelmakers; ArcelorMittal shares have more than tripled from a pandemic low last March.


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