SAIL, ArcelorMittal steel unit’s site to be sealed in 3 months

The Rs 5,000-crore autograde steel plant in joint venture between SAIL and ArcelorMittal would be set up close to an automobile hub and final decision on the site is likely in three months, a top official on Thursday said. "It (SAIL, ArcelorMittal JV) is in the final stage now. Absolutely in the final stage," Steel Secretary Aruna Sharma told PTI in an interview. Steel Authority of India (SAIL) and ArcelorMittal had in May, 2015 entered into a memorandum of understanding (MoU) to explore the possibility of setting up an autograde steel manufacturing facility under a joint venture in India.

"There are two things that they (both the companies) have to do. One is commercial agreement between the two and second thing is that they have to zero in on the place where they will be putting up the plant. So that work is going on. So we are expecting it to be completed in may be in another two or three months," the secretary said.

A task force team comprising representatives from both SAIL and ArcelorMittal has been working on detailed due diligence and preliminary feasibility study and all other issues for setting up a joint venture company. When asked about the location of the proposed plant Sharma said, "that decision is happening. The two of them are looking at it. They have zeroed in on three sites. So (it would be at) one of the three sites. It will be closer to an auto hub. We have three auto hubs."