ArcelorMittal Joint Venture to Set Up 12 MT Steel Plant

SEATTLE (Scrap Monster): ArcelorMittal-Nippon Steel India (AM/NS India)- the joint venture between the two steel conglomerates announced that it has signed a Memorandum of Understanding (MoU) towards setting up of an integrated steel plant in Kendrapada district, Odisha state. The plant, of 12 MT capacity, will be built at an investment of INR 50,000 crore. The steel joint venture has been on an expansion spree recently.

Also, the JV will increase beneficiation facility at Dabuna from 5 mt to approximately 12 mt.

The proposed mega steel plant is expected to bring a new wave of economic development and employment generation in the state, providing further boost Union Government’s infrastructure development plans. The country’s government expressed commitment to provide all kind of facilities for setting up the plant.

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In related news, Adani Ports and Special Economic Zone Ltd (APSEZ), India’s biggest private port operator and AM/NS India have held initial round of negotiations on potential sale by Shapoorji Pallonji Group on its majority n Gopalpur Ports Ltd, which runs the deep-water port at Gopalpur in Odisha. The AM/NS India aims to have major stake in the post assets in order to support its huge capacity expansion plans in the state.