SEATTLE (Scrap Monster): ArcelorMittal and Nippon Steel joint venture steel project in India, AM/NS India, announced its decision to manufacture specialty steel under the Production Linked Incentive (PLI) Scheme launched by the Government of India in October this year.
According to Ranjan Dhar, Chief Marketing Officer, AMNS India, it plans to make high-strength, coated steel under the scheme during the initial phase. At a later stage, it may expand to other product categories as well. The production of specialty steel will help the company to capture market share in various sectors including solar and automotive, by availing the benefits offered by the government under the scheme, he added.
The new investment to produce special grades of steel will have technological support from its parent companies- ArcelorMittal and Nippon Steel. The company has already announced roadmap towards expanding its capacity in the country from 14 million tonnes to up to 30 million tonnes in phases.
The PLI scheme will help Indian customers to reduce their dependence on imports. Furthermore, it will help to boost the country’s growth towards a $5 trillion economy or even beyond that, the company noted.