ArcelorMittal Targeting Indian Steel Sector for Growth
It appears that, after grand entry into India with acquisition of Essar Steel in 2019, ArcelorMittal Chairman Mr LN Mittal has set sights on likely growth in steel production & consumption in India as he called upon Gujarat Chief Minister Mr Vijay Rupani at Gandhinagar and Odisha Chief Minister Mr Naveen Patnaik over weekend to move ahead on mega steel plants in these states.
As per media reports, ArcelorMittal would invest INR 100,000 crore in different projects in Gujarat, including INR 50,000 crore for the expansion of Hazira-based steel plant its steel plant at Hazira near Surat. Mr Mittal is also willing to invest another INR 50,000 crore in solar energy, wind energy and hydrogen gas production in Gujarat.
The Odisha meeting, which was held at the Chief Minister's residence, lasted for an hour. Though neither the Chief Minister nor Mr Mittal made any official statement about the meet, media reports suggest that they discussed about the company's proposed steel plant project at Kendrapada. On March 4 this year, ArcelorMittal Nippon Steel India had signed a MoU with the Odisha government for setting up a 12 million tonne integrated steel plant in the state, with an investment of INR 50,000 crore.