ArcelorMittal welcomes the allocation of a mining lease in respect of the Karampada iron ore deposit to the Company by the Governments of India and Jharkhand for its integrated steel plant to be based in Jharkhand.
The Karampada iron ore deposit is located in West Singhbhum district of Jharkhand with estimated reserves of 65 million tons of iron ore. The allocation has proceeded in accordance with the provisions of the Mines & Mineral (Development & Regulation) Act 1957.
“We are very pleased that the Governments of India and Jharkhand have allocated the mining lease in Karampada to the Company and reaffirm our commitment to fast track the construction of our new steel plant in the region” said Aditya Mittal, CFO and member of ArcelorMittal’s Group Management Board.
“ArcelorMittal is committed to ensuring this site is developed in accordance with its worldwide Corporate Responsibility strategy which focuses on the socio-economic and cultural development of the communities in which it operates.” he stated.
The Karampada deposit will be able to meet part of the iron ore needs of the new integrated steel plant being set up in Jharkhand by the company.
ArcelorMittal had previously announced it would develop a greenfield integrated steel plant with a capacity of 12 million tonnes of liquid steel production per year in Jharkhand. The total aggregate investment in the plant will be in excess of USD 10 billion and will require an iron ore allocation of 600 million tonnes over 30 years.
ArcelorMittal is the world’s largest and most global steel company, with 310,000 employees in more than 60 countries. The company brings together the world’s number one and number two steel companies, Arcelor and Mittal Steel.
ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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