News Summary: ArcelorMittal drops steel plant plan

News Summary: ArcelorMittal scraps plans for a steel plant in India

Associated Press

PLANT WILTS: ArcelorMittal, the world's largest steelmaker, has abandoned plans for an $8.5 billion steel plant in eastern India after a seven-year delay in acquiring land.

STEELING AWAY: ArcelorMittal said the failure of the state to allocate iron ore fields and delays in land acquisition meant the project was no longer viable.

INVESTMENT WOES: The company's decision is a setback for the Indian government, which had been trying to woo foreign investment to spur a slowing economy.

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