Steel magnate Laxmi N. Mittal on Saturday said India is not on his priority list for investments.
Talking to reporters after the 48th convocation of IIM-A, he said the Indian economy’s performance last year was “disappointing”.
Replying to a question on when he expected the global steel sector to revive, Mittal said he could not give a time-line.
Overcapacity in China
China, Mittal said, has created “overcapacities” but as long as its domestic demand sustains, it is fine. Globally, the steel sector is growing only at around 3.5 per cent a year, but growth is slightly higher in China and India.
He said if reforms continued in India, the economy and the steel sector could improve. In Europe, he added, the industry has seen negative growth.
Earlier, addressing the convocation as chief guest, Mittal said European steel demand is down 30 per cent compared with the pre-crisis levels.
Demand is not expected to return to the pre-crisis level even by 2020.“We have to take action to align our operating footprint to the reality of the demand scenario,” he said.