ArcelorMittal Bets Big On India, To Build World's Single Largest Steel Site At Hazira By 2029

Amit Mishra

Jan 10, 2024, 02:34 PM | Updated 04:19 PM IST

An ArcelorMittal Steel Plant.
(Getty Images)
An ArcelorMittal Steel Plant. (Getty Images)

Steel manufacturer ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, the company's executive chairman Lakshmi Mittal said Wednesday (10 January).

Addressing the audience at the 10th Vibrant Gujarat Global Summit (VGGS), Mittal said that the factory will have a capacity of 24 million tonne per annum.

In 2019, Luxembourg-based ArcelorMittal completed the acquisition of Essar Steel India Limited (ESIL), and concurrently formed a joint venture with Nippon Steel of Japan in a 60:40 partnership.

The collaboration, known as ArcelorMittal Nippon Steel India Limited (AM/NS India), owns and manages the ESIL plant situated in Hazira, approximately 275 kilometres away from Ahmedabad in Gujarat.

Later in 2022, the global steel major initiated a Rs 60,000-crore investment programme to increase the production capacity of its Hazira plant from 9 million tonnes per annum (MTPA) to 15 MTPA.

Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase or the Phase 1A programme at Hazira in October 2022. The commissioning of this phase is anticipated in 2026.

According to an investor presentation, the company has a long-term ambition to raise its national capacity to 30 MTPA over the next decade, aligning with the government's National Steel Policy, which envisions doubling the domestic capacity to 300 MTPA by 2030.

In line with this objective, the company has entered into Memorandums of Understanding (MoUs) with the Gujarat government for the second phase of the Hazira plant during the ongoing summit, Mittal said.

Get Swarajya in your inbox.