New Delhi, Sept 10 : Arcelor Mittal is facing cost overruns for its projects in India because of delays in securing regulatory approvals, and is looking to expand in other emerging markets, said its chairman, Lakshmi Mittal, today.
Arcelor Mittal, the world''s top steelmaker, had said it would invest 20 billion dollars over the next 10 years to build two steel plants in Jharkhand and Orissa to produce about 25 million tonnes of steel in total.
Addressing reporters here, Mittal said the costs could rise by about 50 percent because of delays in getting the necessary approvals and mine allocations,