India presumes to be second largest producer of steel worldwide says ArcelorMittal

NEWDELHI (Scrap Monster): It has also stated that, India is heading to the position of world’s second largest steel producer. It further said that the M&A (mergers and acquisitions) in India will most probably remain lively.

It is clear that ArcelorMittal is hoping that with the coming of new government certain economical reforms will be made on the industrial sector and this way the company may gain clearance in their Jharkhand and Karnataka projects which have been on the run for 8 years.

The company stated that it will continue to look over the greenfield projects started in Jharkhand

The company said that the economical prospects in India have been changed since the election and it hopes that there will be significant changes in economic reforms of the country. It also added that the growth anticipation of the country is in rather bright side.

ArcelorMittal said that India is now the third largest consumer of steel and soon the country would become second largest producer of steel.