It further said India is poised to become the second largest global steel producer, and mergers and acquisitions in in country's steel sector are likely to "remain active".
The company had recently said that it continued to pursue greenfield projects in Jharkhand and Karnataka.
"Economic prospects have improved in India as the incoming government has won a Parliamentary majority in the Lower House, which breaks the long run of coalition governments, and is expected to allow for significant economic reforms," ArcelorMittal said in a report. The growth prospects in the country are bright, it added.
"The country has become the world's third largest steel consumer after China and the United States and is expected to become soon the world's second largest steel producer worldwide," it said.
The merger and acquisition activities are expected to "remain active in the Indian steel and mining industry though at a lower pace considering the current economic slowdown".
Article Source: http://economictimes.indiatimes.com/industry/indl-goods/svs/steel/india-set-to-become-2nd-largest-steel-producer-arcelormittal/articleshow/39757323.cms
Publication Date: 06 August 2014