Odisha: ArcelorMittal Nippon Steel To Set Up Mega Steel Plant In Kendrapara With Rs 50,000 CroreOdisha 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.

Carved out of the erstwhile District of Cuttack, Kendrapara District is situated in the Central Coastal plain zone of Odisha. The District is bounded by Bhadrak District at its North, Jajpur at its North West ,Jagatsinghpur District at its South, Cuttack District at its West and Bay of Bengal at its East.

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement