India set to become 2nd largest steel producer: ArcelorMittal.

India's economic prospects have improved and is likely to see major reforms as the coalition era has ended with the new government's majority in the Lok Sabha, steel giant ArcelorMittal has said.

It further said India is poised to become the second largest global steel producer, and mergers and acquisitions in in country's steel sector are likely to 'remain active'.

It may be noted that ArcelorMittal's proposed Rs 50,000- crore project in Jharkhand is stuck for over eight years now for want of regulatory clearances and land acquisition

It had scrapped Rs. 50,000-crore project in Odisha last year on account of problems in land acquisition and securing ore linkages.

The company had recently said that it continued to pursue greenfield projects in Jharkhand and Karnataka.



ET