- ArcelorMittal (NYSE:MT) is backing out from construction of a proposed 6M metric tons/year still mill for India's Karnatka, and says it prefers to use the land to set up a solar farm.
- The state industries attributes the change of plans to the global steel crash caused by the glut in Chinese production.
- Also, MT says it is weighing the sale of some of its U.S. long steel mills, including its facility in Steelton, Pa., which is one of only three steel plants in North and South America that produce rails for railroads.
- MT -3.9%.