Mittal Steel Spending $9 Billion on Plant

The world’s largest steelmaker, Mittal Steel NV, will invest $9 billion in a steel plant to be built in eastern India.

Upon completion, the plant in the state of Jharkhand will have a 24 million metric ton capacity, the BBC reported.

Half that capacity should be on stream in four years, the company said late last week.

A Mittal spokesman said the investment was being pursued to satisfy domestic steel demand.