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Mittal set to exit $20 bln Indian steel project

Steel company ArcelorMittal (ISPA.AS) is close to pulling out of a $20 billion plan to build two steel plants in India due to difficulties buying land, its chairman and main owner, Lakshmi Mittal, told The Financial Times.

Delays in persuading farmers and others to sell land for the development in the states of Jharkand and Orissa were holding up the project, Mittal said in an interview with the FT.

“If we cannot make progress in these two sites we will have to abandon the idea of starting the projects there and look for other places in India for our expansion,” the FT reported Mittal as saying.

Original post credit: Reuters

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