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Gujarat: PM Modi To Lay Foundation Of ArcelorMittal’s Plant Expansion In Hazira
An ArcelorMittal Steel Plant. (Getty Images)
Prime Minister Narendra Modi will today perform the ground-breaking ceremony and lay foundation stone of ArcelorMittal’s Hazira steel plant expansion project in Gujarat.
ArcelorMittal Nippon Steel India (AM/NS India) is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Nippon Steel of Japan, two of the world’s leading steel manufacturing organisations.
In 2019, the two foreign entities completed the acquisition of the Essar Steel Limited plant located at Hazira, about 275 kilometres from Ahmedabad, and later renamed it to ArcelorMittal Nippon Steel (AM/NS India).
The expansion plan will increase the crude steel capacity of Hazira plant from the current 9 million tonnes per annum (MTPA) to 15 MTPA.
The state-of-the art expansion project entails an investment of Rs 60,000 crore and will oversee the production of high graded value-added steel types that substitutes imports.
On 6 October, steel maker AM/NS said it has received environmental clearance for Hazira plant expansion.
Advancing Nationwide Capacity
The increase in steel manufacturing capacity by 6 MTPA represents a significant boost for advancing nationwide capacity to 300 MTPA as laid down by the national steel policy.
The New Steel Policy, 2017 aspires to achieve 300MT of steel-making capacity by 2030. This would translate into additional investment of Rs 10 lakh crore by 2030-31.
The present annual crude steel capacity of the country is 144 MTPA. The leading players include Steel Authority of India Ltd. (SAIL) at 20.63 MTPA and Tata Steel with an annual crude steel production capacity of 34 MTPA.
This expansion will also give a fillip to AM/NS India’s next phase of growth, enabling it to meet the growing domestic market demand and reinforce AM/NS India’s commitment to supporting India’s growth journey towards a $5 trillion economy.
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