Ranchi, Aug 4 - Steel projects worth Rs.125,940 crore ($26.4 billion) are hanging in the balance in Jharkhand as the state government is yet to give approvals to them, an industry lobby report said Tuesday.

The report by the Associated Chambers of Commerce and Industry (Assocham), said: 'Steel players like ArcelorMittal, Tata Steel and others are waiting for different forms of clearances for the last four years, which otherwise should have been cleared in two years.'

Releasing the report at a seminar here, Assocham secretary general D.S. Rawat said the state government should streamline its clearance procedures and speed up the industrialisation drive.

'If the pending steel projects are executed, then it will create about one lakh (100,000) direct and indirect jobs in the state,' he said.