ArcelorMittal is hoping to produce good results from its upcoming project at the Karnataka Plant. It has said that the deal is through and soon there will be a steel plant with immense production capacity.

Moreover, the company has declared that it will focus on the Karnataka plant first.

Last week the company has signed a MOU with the Karnataka government for a 6 million tonne steel plant in the state. ArcelorMittal is the world's largest steel maker.

As per initial agreement, it will spend Rs 30000 crore i. e. around $6.4 billion to set up a steel plant which will produce a 6-million-tonne-a-year. This deal was fist announced in the month of January this year but at last was signed at a global investor conference. This conference was organized by the Karnataka government. In this conference, the ArcelorMittal Chairman, Mr. Lakshmi Mittal has said that Karnataka is well ahead of other states in terms of progress.

He has confirmed that this project will get the first priority from the company. After that other projects of all other states will be considered.