India’s ArcelorMittal Nippon Steel Limited (AMNS) will invest $1 billion in downstream units including specialty steel manufacturing capacities, company chairman Aditya Mittal said in a statement on Wednesday, September 28.
Mr. Mittal made the statement while addressing investors of ArcelorMittal Limited, of which he is the chief executive officer.
Mittal said that, in addition to volume growth, AMNS is focused on leading the decarbonisation of the Indian steel industry and will increase its production of high grade speciality steels in key growth sectors such as automotive and infrastructure, aligned with India's national steel policy.
The production capacity at the Hazira steel mill in the western Indian state of Gujarat is being ramped up to 8.6 million mt per year by the end of 2024 at an estimated capital expenditure of $800 million and $500 million is being invested to set up a coke oven plant.
The company’s current capacity is 7.6 million mt per year and by 2026, the company aims to scale up the capacity to 15 million mt per year, Mittal said.