Corporate News
Arcelor Mittal-Nippon Steel lays out large expansion plan, seeks support

Sanguine about India’s high growth potential in the steel sector, AM/NS India has approached the government, seeking specific policy support to an ambitious plan to expand its steel-making capacity in India with “significant investments”, according to a senior company executive. The company is primarily evaluating the option of a large green-field facility in eastern India, but may also opt for further expansion through the inorganic route. AM/NS India, a 60:40 joint venture between world’s largest steelmaker ArcelorMittal and Japan’s Nippon Steel Corporation, had acquired Essar Steel’s 9.6 million tonne Hazira plant for `42,785 crore in December. This was the country’s largest stressed-asset deal and marked Arcelor-Mittal’s entry into India’s potentially fast-growing steel industry.

News Source:- https://www.financialexpress.com/industry/arcelor-mittal-nippon-steel-lays-out-large-expansion-plan-seeks-support/2133035/