Financial Express reported that ArcelorMittal Nippon Steel India, marking its first anniversary, vowed to become a new type of steel company using its parent’s unmatched technological prowess, innovation and Research and development capabilities, as it marked its first anniversary. AM/NS India Chairman Mr Aditya Mittal in a note to the company’s workmen said “Covid-19 has in no way dampened the long term potential we see for AM/NS India. India is a growing, resilient economy and it will bounce back of this, I have no doubt. Over the last year I have become even more convinced about the potential. We are currently working on further growing our production, and I expect we will be able to provide some further details on how we plan to do this next year. And that is undoubtedly what the vision is.”
Stating that the scale is important and, on that company’s, long term production intentions to reach between 12 and 15 million tonnes of annual production still stands, Mr Mittal said AM/NS India will stand out in India by improving capacity to produce higher added value auto products and introducing other high value products from the ArcelorMittal range. Downstream capabilities will also be developed.
Mittal added “In the short-term, the focus will be on debottlenecking our existing operations so we can increase annual production to around 8.5 million tonnes. We are currently working on further growing our production, and I expect, we will be able to provide some further details on how we plan to do this next year.”
ArcelorMittal and Nippon Steel 60:40 JV AM/NS India had acquired Essar Steel’s Hazira plant for INR 42,785 crore last December through the insolvency route.