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Steel News May 09, 2023 04:20:33 PM

AMNS India to Invest Big in Capacity Expansion

Paul Ploumis
ScrapMonster Author
The company declared plans to invest approximately $7.4 billion at its Hazira steelmaking plant.

AMNS India to Invest Big in Capacity Expansion

SEATTLE (Scrap Monster): AMNS India- the joint venture project between two steel majors ArcelorMittal and Nippon Steel, announced major investment in capacity expansion. The company declared plans to invest approximately $7.4 billion at its Hazira steelmaking plant.

The Hazira plant currently has a manufacturing capacity of 9 million tonnes of steel per annum. The proposed capital investment program is expected to lift the upstream capacity of the plant to around 15 million tonnes by early-2026. The capacity expansion will be financed by a credit arrangement which the parent company had recently entered into with a consortium of Japanese banks. In addition, the JV will invest approximately $1 billion in downstream facilities at the plant.

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The higher sales volume coupled with lower costs helped the company to double its EBITDA to $341 million in Q1 this year, over the prior quarter. However, the operating profits stood lower due to reduced steel prices.

AMNS India anticipates strong sales in India during the current year, with apparent steel consumption projected to increase by 6-8%. The group expects the global steel demand to increase marginally by 1-2% in 2023.

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