Automobile sector

ArcelorMittal, SAIL could sign India steel deal soon

A deal, two years in the making, may be approved next week, says source

bloomberg

08.12.2017

State-run Steel Authority of India has finalised terms for a 60 billion rupee (€789 million) plant with ArcelorMittal to cater to the automobile sector, a deal that’s been in the works for more than two years, according to a person familiar with the development.

The agreement for the automotive grade steel plant is likely to be approved next week by SAIL’s board, the person said, asking not to be identified as the matter wasn’t public. The two steel producers are in talks with the state governments of Andhra Pradesh and Gujarat to acquire land for the project. A joint site selection committee will choose the location within the next quarter in either of the two states, the person said.