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ArcelerMittal (MT, MT.FR, MT.AE), the world's largest steel producer, is focusing its investments in Canada, Brazil and Liberia while India, where it has seen little traction in three high-profile steel projects, doesn't figure high on its investment destinations.
"Our investments are currently focused on expanding our existing iron ore mines and some expansion of steel capacity in Canada, Brazil and Liberia. While India remains a high priority for business as a major emerging country, it's low on our investment list," Chairman Lakshmi Mittal told reporters on Sunday.
"Capital is scarce and in India for our [existing] projects, process of [regulatory] approvals is still going on," Mittal added.
Mittal had announced setting up two steel plants in eastern India six years ago, while in 2010 it announced plans to set up another steel plant in southern India.
-By Prasenjit Bhattacharya, Dow Jones Newswires; 91-11-4356-3358; [email protected]