'India is an interesting place for ArcelorMittal'

Describing India as one of the "most interesting places" for ArcelorMittal, its billionaire chief L N Mittal has said the steel behemoth will focus on developing economies, mainly India, for its new factory plans.

"We do not plan to move our operations from Europe but clearly ArcelorMittal's ratio of businesses will move more towards developing economies. We will build new plants there and we will grow those businesses faster than those in Europe and North America. For us, the most interesting places to be will be India and Brazil," Mittal told British newspaper The Telegraph.

While expressing concern over the sluggish growth prospects for Europe, Mittal said that India and China have caught up very fast from the crisis.

In this backdrop, the steel tycoon noted that ArcelorMittal's response would be to direct all new factory plans at developing economies, particularly India and Brazil.