Nippon Steel enters joint venture with ArcelorMittal to spend ₹410 billion to boost capacity

The expansion is aimed at meeting the growing steel demand in India and winning a bigger slice of the market

September 28, 2022 05:32 pm | Updated 05:32 pm IST - TOKYO:

A worker stacks steel pipes in Ahemdabad. Image for representation.

A worker stacks steel pipes in Ahemdabad. Image for representation. | Photo Credit: Reuters

A joint venture of ArcelorMittal and Nippon Steel will invest ₹410 billion to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday.

Their joint venture, AM/NS India, will build two blast furnaces, along with other facilities, in its Hazira plant, with plans to start operations by early 2026.

The expansion is aimed at meeting the growing steel demand in India and winning a bigger slice of the market.

The annual steel output capacity of the Hazira plant will increase to around 15 million tonnes after the expansion.

Takahiro Mori, executive vice president at Nippon Steel, told Reuters recently that it plans to almost double crude steel output capacity at the Hazira plant to secure more of the growing market.

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