ArcelorMittal plans $500 mn CSR initiatives

Lakshmi Niwas Mittal-promoted world's biggest steel company has announced two steel projects in Jharkhand and Orissa of 12 million tonnes capacity at a total cost of Rs 80,000 crore.

"We will spend about $500 million in Orissa and Jharkhand to achieve an appropriate balance between the CSR and growth in business operations," ArcelorMittal vice-president Remi Boyer said in a workshop on "Development Initiatives for a Better Tomorrow" .

Industrialisation is essential for economic development and ArcelorMittal is planning to develop a comprehensive Relief and Rehabilitation (R&R) plan that would lead to economic growth with a secured social and physical environment, a company statement quoting Boyer said. "This workshop is the first step in changing all stakeholders in a transparent and regular basis. This is part of the responsible leadership we want to promote in all our operations," he said.