SEATTLE (Scrap Monster): ArcelorMittal S.A. hosted an investor and analyst meeting at its Hazira, Gujarat plant. This was the first such meeting to be held since the joint venture between the company and Japanese Nippon Steel acquired the Indian steel asset in December 2019.
The event highlighted the financial and operational progress made by the AM/NS joint venture since the completion of acquisition. It also discussed the various strategic initiatives undertaken to transform the acquired steel assets into a best-in-class facility capable of producing high-added value products. Also, the meeting emphasized its ambition to boost its domestic market presence and play a leading role in the growth of steel industry in the country.
Furthermore, it focused on the company’s efforts to secure supply chain and drive profitability through strategic acquisition of various assets including slurry pipelines, iron ore mines, ports, power plants and land. The completion of first phase of the expansion of Hazira plant will lift its capacity to c. 15 million tonnes by early 2026. It plans to increase the production of high grade, speciality steels.
AM/NS India intends to integrate renewables into its energy supply chain and implement a range of decarbonisation technologies over the next ten years.