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Odisha: ArcelorMittal Nippon Steel To Set Up Mega Steel Plant In Kendrapara With Rs 50,000 Crore
Odisha CM Naveen Patnaik with CEO of ArcelorMittal Lakshmi N Mittal (@IPR_Odisha/Twitter)
In a major boost to Odisha’s economy and the steel sector in the country, leading steelmaker ArcelorMittal Nippon Steel India on Thursday (04 March) signed a Memorandum of Understanding (MoU) with the Odisha government to set up an integrated steel plant in Kendrapara district.
The official sources said that the proposed 12 mtpa integrated steel plant will be set up with an investment of Rs 50,000 crore.
Odisha Chief Minister Naveen Patnaik and CEO of ArcelorMittal Lakshmi N Mittal were present during the signing of the Memorandum of Understanding (MoU) at Lokaseva Bhavan here in Bhubaneswar, reports Odisha TV.
A report from the World Steel Association states that India continues to be the second largest steel producer in the world for consecutive years now.
4.64 million tonnes (MT) of finished steel was exported from India between the months of April and June of 2020. China and Vietnam bought 1.3 MT and 1.37 MT of the same.
