ArcelorMittal Nippon will continue to invest in India: Group CEO Aditya Mittal

ArcelorMittal Nippon will continue to invest in India: Group CEO Aditya Mittal

ArcelorMittal Nippon Steel (AM/NS) is keen on building a portfolio of value-added products and will invest across its businesses to tap the rising steel demand in India, group chief executive Aditya Mittal said in a letter to employees on Friday.

The letter acknowledged the role played by employees as AM/NS India celebrates the second anniversary in the country.

ArcelorMittal, led by LN Mittal, officially set foot in India by closing a Rs 42,000-crore deal with the lenders of Essar Steel, along with Japan-based Nippon Steel, in 2019.

“We want to be at the forefront of supporting the rapid and sustained rise in steel consumption in India over the coming decade and will continue to invest significantly across the business,” Aditya Mittal said. “We must consistently strive for stable and cost-effective steel making operations. Real progress has already been made here, with the commencement of mining operations in Odisha,” he added

The commissioning of a second pellet plant at Paradeep (Odisha), and the debottlenecking project at Hazira (Gujarat) will help reduce the cost further, he said. The company has planned to expand the Hazira plant’s capacity to 18 million tonnes by investing ₹50,000 crore. The first phase of the expansion of 3-5 million tonnes at its existing 7 million tonne unit will conclude by the end of the current fiscal year. It follows a January to December financial year.

“The advanced technology we’re currently deploying at Hazira will play an important role here, ensuring manufacture of higher-grade auto and plate mill products, among others,” Mittal said in the letter.

Separately, the company is planning to set up a 24 million tonne integrated steel plant with an investment of ₹1 lakh crore in Odisha.

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