New Delhi (PTI): Keen to ensure development of locals in its project sites in Jharkhand and Orissa, ArcelorMittal will spend about 500 million dollars (Rs 2,000 crore) as part of its Corporate Social Responsibility initiatives.

Lakshmi Niwas Mittal-promoted world's biggest steel company has announced two steel projects in Jharkhand and Orissa of 12 million tonnes capacity at a total cost of about Rs 80,000 crore.

"We will spend about 500 million dollars in Orissa and Jharkhand to achieve an appropriate balance between the Corporate Responsibility (CR) and the growth in business operations," ArcelorMittal Vice President Remi Boyer said in a workshop on 'Development Initiatives for a Better Tomorrow' here.

Industrialisation is essential for economic development and ArcelorMittal is planning to develop a comprehensive Relief and Rehabilitation (R&R) plan that would lead to economic growth with a secured social and physical environment, a company statement quoting Boyer said.