ArcelorMittal-Nippon Steel JV Committed Trillion Rupee Investment

SEATTLE (Scrap Monster): AMNS India- the joint venture steel project in India by ArcelorMittal and Nippon Steel Corporation announced plans to invest over INR 1 trillion over the next decade towards expansion of its operations in the country.

According to Dilip Oommen, Chief Executive Officer, AMNS India, the expansion plans are progressing well. It plans to elevate the steelmaking capacity at Hazira plant to 18 million tonnes (mt). Additionally, it plans to set up additional 12 mt of capacity between Paradeep and Kendrapara, for which it has already signed a pact with the government of Odisha. The construction of the integrated steel plant will commence upon receipt of necessary clearances, he added.

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The total investments at Hazira and in the state of Odisha are estimated at around INR 50,000 crore each. These projects will support the country’s goal to boost the nationwide steelmaking capacity to 300 mt. It must be noted that the country’s current capacity is around 143.91 mt.

The JV is keen to diversify into renewable energy in line with its sustainability goals. It has already started discussions with government in procuring land to set up renewable energy plants to fuel its facilities. Incidentally, the company has reduced its carbon dioxide emissions by 35% since 2015.