Besides, slump in global steel demand in last few years has seriously hampered ArcelorMittal's ability to proceed with mega investments and company's present focus is on reducing debt.
NEW DELHI: ArcelorMittal is facing an exodus of senior management at its India office, with about 20 top executives, including its CEO for Greenfield Projects Sanak Mishra, quitting in frustrations of having little or no work as company's projects here have failed to take off so far.
The world's largest steelmaker had announced in in 2005 and 2006 with much fanfare setting up of two mega steel plants in Jharkhand and Odisha, entailing an investment of USD 12 billion on each project. Later, it announced setting up another project of USD 6 billion, this time in Karnataka. All the projects, however, are facing delays on some counts.
Last month it said the company was exiting USD 12 billion project in Odisha citing inordinate external delays, problems in acquiring land and securing captive iron ore resources.
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