Deposits Will Be Used For Planned Steel Plant
The Indian government has granted an iron ore prospecting licence in the Karampada region of Jharkhand to steel giant ArcelorMittal.
Tonight ArcelorMittal welcomed the government’s decision. Group management board member Sudhir Maheshwari said the move will reaffirm the company's commitment in the region.
"We are very pleased that the Government of India and Jharkhand have approved the grant of prospecting licence over Karampada to ArcelorMittal and reaffirm our commitment to fast track the construction of our new steel plant in the region" said Maheshwari.
"ArcelorMittal is committed to developing the project in accordance with its worldwide corporate responsibility strategy which focuses on the socioeconomic and cultural development of the communities in which it operates," he added.
ArcelorMittal is to build an integrated steel plant being in Jharkhand in a project costing some Rs 50,000 ($1 billion). The Karampada deposits would be enough to satisfy the Jharkhand plant’s needs.
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