ArcelorMittal's Indian JV Gets Final Green Light for Multibillion-Dollar Plant Expansion
06 Octubre 2022 - 10:02AM
Noticias Dow Jones
By Pierre Bertrand
The Indian joint venture between ArcelorMittal and Japan's
Nippon Steel Corp., ArcelorMittal Nippon Steel India, said Thursday
that it received environmental clearance to expand the crude steel
production capacity of its plant in Hazira.
India's environmental ministry green-lit the plan, paving the
way for the project to commence, ArcelorMittal Nippon Steel India
said.
The expansion will increase annual production capacity to around
15 million metric tons from 9 million tons, the joint venture
said.
The expansion of the plant on India's western coast will cost
around $5 billion and is part of a larger investment strategy that
includes the approximately $2.4 billion acquisition of Indian port
and electric power assets from the Essar Group, according to Nippon
Steel documents published in late September.
"This expansion will give a fillip to our next phase of growth,
enabling us to meet the growing domestic market demand, while also
equipping us to produce high-grade value-added steel,"
ArcelorMittal Nippon Steel India Chief Executive Dilip Oommen
said.
ArcelorMittal Nippon Steel India was formed in 2019 after Nippon
Steel and ArcelorMittal jointly acquired Essar Steel India Ltd.
from the Essar Group, according to Nippon Steel.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 06, 2022 10:47 ET (14:47 GMT)
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