Arcelor entry will energise India’s steel sector: Pradhan


Arcelor entry will energise India’s steel sector: Pradhan

ArcelorMittal’s entry into India through its Rs 42,000-crore acquisition of Essar Steel should ‘energise’ the domestic market, benefiting consumers in one of the world’s fastest-expanding economies that is building infrastructure to underpin its growth ambitions.

“With ArcelorMittal entering India, we expect the domestic steel market to become more competitive, and bring in more innovation and stability,” steel minister Dharmendra Pradhan said Thursday on the sidelines of a conclave in New Delhi. “This will ultimately help consumers.”

ArcelorMittal, the world’s biggest producer of the alloy, is entering India at a time when the sector is going through a lean phase, facing a demand slump. Read More

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