- ArcelorMittal (MT -2.2%) has signed a deal to build a 12M tons/year steel plant in India's mineral-rich Odisha state with an investment of 500B rupees ($6.9B), Bloomberg reports.
- ArcelorMittal previously attempted to build a similar capacity plant in Odisha more than a decade ago but abandoned the plan in 2013 due to its failure to get suitable land and necessary permits to mine iron ore.
- This time, the company already has a foothold in India after acquiring Essar Steel India's assets in 2019 under a bankruptcy process.
- After a difficult 2020, steel prices have soared in Europe and hit a near 10-year high in China, lifting earnings of steelmakers; ArcelorMittal shares have more than tripled from a pandemic low last March.