ArcelorMittal wants tie-up with SAIL

Map of Orissa showing location of Balasore

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World’s number one steel maker ArcelorMittalon Sunday said it  was in talks with SAIL.

“We will continue to look at various opportunities in India or anywhere. We are also in dialogue with SAIL ,” ArcelorMittal chairman and CEO L N Mittal told PTI.

Faced with inordinate delays in launching its ambitious Rs one lakh crore steel projects in Jharkhand and Orissa, ArcelorMittal had started looking at new opportunities in states like Maharashtra, besides tying up with domestic firm Uttam Galva.

The company is also reportedly in talks with Bhushan Power and Steel among other local steel makers.

Japan’s Kobe steel was also keen to join hands with Sail. A JV with Sail may give the firms easy access to vast tracts of land available with the Indian firm especially in Jharkhand.

Problems in land acquisition and associated tribal protests have been holding back the big ticket investments in India--like that of Posco and ArcelorMittal.

India’s per capita steel consumption hovers at around Rs46 kg as against the global average of 198 kg. Sail with an annual production capacity of 14 million tonnes at present is in process of enhancing its capabilities to produce 60 million tonnes by 2020.

As multinational steel majors in race to join hands with SAIL, the shareholders of SAIL expected to gain in long run.

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