Mittal Steel plans a big Plant in India

Mittal Steel has just come out with a mega merger deal with Arcelor and now they are targeting the Indian market.

The world’s largest maker of Steel is planning to build an $8.7 billion plant in India. The company aims to curb iron-ore costs and tap the ever-growing demand in the Asian market for their products.

Mittal Steel would be building a 12 million ton-a-year plant in Orissa. This is Mittal’s second such project in the Indian market and it would compete with Posco which itself is building a $12 billion plant in the eastern state.

Mittal Steel and Posco both have big investment plans for the Indian market as they aim to tap the growing demands in the world markets. India has the world’s fifth-largest iron-ore reserves and with a growing economy, demand is expected to grow even further in the coming years.