ArcelorMittal plans to invest on mines

New Delhi: Steelmaker ArcelorMittal has applied for a couple of new iron ore mines in both Orissa and Jharkhand.

“The company plans to start construction on the proposed 12 million tonne steel plants by the end of the year. So for both these plants, it is important to have iron linkages in advance and with no clear solution on the Chiria mines expected in the near future we have put in some fresh applications for iron ore mines,” Mr Sudhir Maheshwari, Executive Vice President (Finance and M&A), ArcelorMittal, told reporters on the sidelines of an event here on Thursday.

He, however, did not want to name the blocks for which the company has applied for in both the States.

Investments

The two projects would require investments of around Rs 80,000 crore and each of the plants would require 600 million tonnes of iron ore.

According to him, the detailed project report on both the plants is being finalised and is expected to be ready in the next couple of months.

“We have also identified the locations where the plants will come up,” Mr Maheshwari added.

The company is said to have identified Torpa and Kamdara blocks in Khunti and Gumla districts of Jharkhand as prospective sites for its proposed plant.

ArcelorMittal has already been allocated two coal blocks for the captive power projects linked to each of its steel plants in Orissa and Jharkhand.

It is also understood that the company is forming a 15-member team to finalise the blueprint of the projects