ArcelorMittal Nippon Steel Limited (AMNS) will invest INR 250,000 million ($3.3 billion) in total in the future to expand steel capacity at its Hazira plant in the Indian state of Gujarat and to build new infrastructure.
In the first phase, AMNS will invest INR 50,000 million ($667 million) to ramp up the capacity of its Hazira mill to 8.6 million mt per annum and the expansion will be completed by 2024, Laxmi Mittal, chairman of AMNS, informed the state government. Crude steel production of AMNS was 7.23 million mt in the fiscal year 2019-20 ended March 31 this year, up five percent year on year.
Another INR 200,000 million ($2.7 billion) will be spent on further development. Fresh investments will depend on land acquisition around existing operations and captive port and railway connectivity.
AMNS had acquired Essar Steel’s assets in 2019 through the bankruptcy resolution process through a 60:40 joint venture of ArcelorMittal and Nippon Steel.
