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Mittal: India not my top priority for investment

Ahmedabad, March 24
Unhappy over delay in getting clearances for his projects, the world’s largest steelmaker LN Mittal today said India was not his top priority for investment. Speaking to newsmen on the sidelines of convocation of Indian Institute of Management, Ahmedabad (IIM-A), where he was the chief guest, Mittal said: “I do not want to give you any timeline about my Indian projects... experienced so much of delay.” “.. India is not in my top priority for investment, it is top priority as a country but not a top priority for investment,” Mittal said.

ArcelorMittal, the steel giant belonging to LN Mittal, had inked an MoU with the Orissa Government in December 2006 to set up a 12 mtpa steel plant in Keonjhar district at an investment of Rs 40,000 crore but it has been facing delay. Another project of the company in Jharkhand is also facing delay.

Meanwhile, sharing his global outlook on steel, Mittal said despite the European steel demand being down by 30 per cent, emerging countries like India and China as also Africa will continue to do well. According to him, global steel demand would continue to grow at around 3.5 per cent.

Mittal in his convocation address highlighted that European steel demand was down 30% compared with pre-crisis levels and it is not expected to return to pre-crisis levels even by 2020. — PTI