ArcelorMittal may start work on India projects in 2011

Jul 28, 2010 |

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New Delhi, July 28: Pinning hopes on developing economies for its future growth, ArcelorMittal today said it expects to start work on one of its Rs 1.3 lakh crore India projects in early 2011.

"We believe that in 2011 in one of the projects we will break the ground, we don't know which one...it is our hope that it should be in the first quarter or the second quarter," ArcelorMittal Chairman and CEO Lakshmi N Mittal told PTI over phone, after the company announced second quarter results.

Incidentally, ArceloreMittal announced lower than expected net profit of USD 1.7 billion for the second quarter, while admitting this was the effect of the slowdown in Europe and a demand dip in China.

"The impact would be more in third quarter (ending September)... we expect India to grow may be at 10 per cent...

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