ArcelorMittal's India plant on track: Aditya Mittal

NEW DELHI: ArcelorMittal's India plants are on track and will begin operations in 2012, its Chief Financial Officer and member of the group's management board, Aditya Mittal said.

In an interview to CNBC TV 18, Mittal said the company is looking for acquisitions in steel and mining.

Mittal said he is disappointment with the progress of ONGC joint venture. According to him, steel prices have stabilised and the up move will depend on demand. He said the industrial demand has not slowed down and growth continues to be strong.

ArcelorMittal has planned two greenfield steel projects of 12 million tons capacity each in Orissa and Jharkhand. The investment in each of the projects would be Rs 40,000 crore.

The global steel producer was recently alloted mining lease for 500 acres in Karampada mines in Jharkhand to meet its iron ore requirement.

The mine is expected to have iron ore reserves of around 65 million tons, whereas ArcelorMittal's total requirement is pegged at 600 million tons for a span of 30 years once its plant reaches the optimum production capacity of 12 million tons.