Nippon Steel & Arcelor Mittal India Expansion Plans by 2030
<span style="font-weight: 400;">Nippon Steel and ArcelorMittal will more than double the steel production capacity of their Indian subsidiary to 23 million tons a year by the 2030s, looking to expand their foothold in a promising market.</span> <span style="font-weight: 400;">The expansion plan,
Published -
Dec 2, 2020 6:11 AM
Nippon Steel and ArcelorMittal will more than double the steel production capacity of their Indian subsidiary to 23 million tons a year by the 2030s, looking to expand their foothold in a promising market. The expansion plan, involving fresh investments and acquisitions, far outstrips an increase to between 12 million tons and 15 million tons that the two steelmakers cited when they acquired Essar Steel India late last year. The company, since renamed AM/NS India, currently can produce about 9.6 million tons of steel products a year. The partners envision a larger share of a national market that is catching up with China as a global driver of the industry. Nippon Steel forecasts Indian demand for steel products swelling to 230 million tons a year by the 2030s, or 2.3 times the current level, and aims to boost capacity to at least 10% of that figure. The two companies spent roughly $7 billion on the Essar acquisition, with ArcelorMittal holding a 60% stake and Nippon Steel 40%. The subsidiary ranks as India's No. 4 steelmaker with a share seen at less than 10%, behind Tata Steel, JSW Steel and Steel Authority of India.
Tags : ALLIED Steel India Nippon Steel Arcelor Mittal Expansion Plans