US President Barack Obama has thanked London-based Indian steel tycoon Lakshmi Mittal for investing in America and creating jobs in the country. “I want to thank your CEO, Lakshmi Mittal, for investing in America and in the Cleveland area,” Obama said during his visit to the ArcelorMittal Cleveland Steel Factory in Cleveland, Ohio. This year alone, the company has invested US$ 70 million resulting in the creation of 150 new jobs, Mittal said. “It’s a great honour for all of us at ArcelorMittal Cleveland to welcome President Obama here. We’ve been making steel in Cleveland for one hundred years,” Mittal said in his welcome address. Mittal said that in the coming years, “we will help our automotive customers meet the demanding fuel-efficiency standards that will be required in the run up to 2025.”
In his remarks, Obama praised ArcelorMittal for turning around the factory which
was almost shut down during the economic recession at the beginning of his career. “Today, the steel you make in Cleveland is some of the strongest you’ll find anywhere in the world. It’s one of the most productive plants in the world. Best workers in the world,” said the US President. “What’s remarkable is, when you think about it, go back to where this plant was just a few years ago, the economy was in free fall, auto industry on the brink of collapse, and that meant demand for steel had dried up.