In another major blow to India's plans to attract foreign investment, ArcelorMittal (MT) has ended plans to build a 12M-ton-a-year steel factory in the country, citing delays in purchasing land, uncertain iron-ore supplies and deteriorating market conditions. ArcelorMittal is the second global steelmaker this week to announce that it's dropping a multi-billion dollar project in India, with South Korea's Posco (PKX) pulling out of a $5.3B 6M-ton mill.
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