In the biggest foreign investment pullout, the world’s largest steelmaker ArcelorMittal on Wednesday scrapped its $12-billion steel plant in Odisha over inordinate delays, problems in acquiring land and securing iron ore linkages.
The development comes just a day after South Korean steel major Posco pulled out of its Rs 30,000-crore steel mill in Karnataka and the government widened its doors to foreign direct investment for a dozen sectors. ArcelorMittal’s proposed plant was among the biggest foreign direct investments India has attracted.
“ArcelorMittal met today with the Chief Secretary to inform him that the company has decided not to progress with its planned construction of an integrated steel plant in the district of Keonjhar,” the company said in a statement.
