India is set to become the world's second largest steel producer - ArcelorMittal

ArcelorMittal said India is moving towards the top of the industry leader with the largest steel production capacity in the world. In addition, the company believes that the volume of M&A (mergers and acquisitions) in India is likely to continue to grow. Large Indian companies are exploring growth potential in overseas markets and are looking to expand.

Of course, ArcelorMittal hopes that with the arrival of new government programs, certain economic reforms will be carried out in the industrial sector. This will allow the company to obtain approval for its Jharkhand and Karnataka projects, which have been on hold for 8 years. ArcelorMittal said it intends to continue developing new projects in Jharkhand.

The company assumes that India's economic outlook has irrevocably changed since the election of a new government and hopes that this will bring about a significant change in the country's economic reforms. In addition, the company's economists believe that the country's growth potential has very bright prospects.

ArcelorMittal said India is currently the third largest consumer of steel and will soon become the second largest steel producer. Other major Indian steel companies such as Tata Steel are also making acquisitions around the world. The company recently acquired Corus Group Plc, a UK based company with a $ 12,000 million stake and Hindalco acquiring NOVELIS in Canada with a $ 6,000 million stake.