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ArcelorMittal may offer alternative land

LUXEMBOURG: ArcelorMittal is devising its own rehabilitation policy for landowners displaced by its project in Jharkhand, Malay Mukherjee, member of the group management board of the company, said on Wednesday.

Talking to reporters at the company headquarters in Luxembourg City, he said the company would consider offering alternative land to the 1,000 or 3,000 families who would be displaced in Jharkhand. “Offering jobs is the simple solution; we are thinking of going beyond that.”

The company was thinking of offering both movable and immovable assets in return for the land, besides cash. However, offering stocks was not under consideration as such offers were made in lieu of cash, he added.

The chief financial officer of the company, Aditya Mittal, said ArcelorMittal viewed its recent acquisitions and mergers as “consolidation.” Despite the huge capacity addition, the company was not “outstripping of the market.”

In Dabrowa Gornicza, the chairman of ArcelorMittal Poland, Vijay Kumar Bhatnagar, told the journalists that the company had invested one billion euros in its plants in Poland, and the returns were expected by 2008. The infrastructure projects in the eastern European countries that had now become members of the European Union provided opportunities for utilisation of the additional capacity, he added.

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ArcelorMittal may offer alternative land

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