Jharkhand proj's Ph-I will delay: Arcelor Mittal

Noida, Nov 13: Hit by the global financial turmoil, world's largest steel firm ArcelorMittal today said the commissioning of first phase of the 10 billion dollar greenfield steel project in Jharkhand will get delayed beyond the 2012 deadline.

''Deadline for commissioning first phase of greenfield project in Jharkhand will go beyond 2012...the global meltdown is impacting us in the short run, but our long term strategy will remain intact,'' Arcelor Mittal India CEO Vijay Bhatnagar told reporters here.

To meet part of the iron ore needs of 12-million tonne integrated steel plant, the company has mining rights in respect of the Karampada mine in West Singhbhum district of Jharkhand, with estimated reserves of 65 MT.

The global steel major had announced a production cut of 20 per cent as prices of steel have fallen due to the slackening demand.

UNI