ArcelorMittal is facing an exodus of senior management at its India office, with about 20 top executives, including its chief executive officer for greenfield projects Sanak Mishra, quitting with little or no work as company’s projects have failed to take off so far, PTI reported.
The world’s largest steelmaker had announced in 2005 and 2006 with much fanfare setting up of two mega steel plants in Jharkhand and Orissa, entailing an investment of $12 billion on each project. Later, it announced setting up another project of $6 billion, this time in Karnataka. All the projects, however, are facing delays on some counts.
Last month it said the company was exiting $12 billion project in Orissa citing inordinate external delays, problems in acquiring land and securing captive iron ore resources.