Mittal set to pull out of deal

Steel company ArcelorMittal is close to pulling out of a $20bn (£12.5bn) plan to build two steel plants in India due to difficulties buying land, its chairman and biggest shareholder Lakshmi Mittal said.

Delays in persuading farmers and others to sell land for the development in the states of Jharkand and Orissa were holding up the project, Mittal said. He added that dropping his plan for two plants would delay his plans for a sizeable presence in India by several years.