ArcelorMittal Unveils AM/NS India’s Expansion Plans to Meet India’s Surging Steel Demand

ArcelorMittal Unveils AM/NS India’s Expansion Plans to Meet India’s Surging Steel Demand

(IN BRIEF) ArcelorMittal recently hosted an investor day at AM/NS India’s flagship steel plant in Hazira, Gujarat, to showcase its significant progress and future growth plans. AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, aims to expand its steelmaking capacity from 9 million tonnes to 15 million tonnes annually by 2026, with further plans to reach 40 million tonnes in the long term. The event highlighted the company’s $7.7 billion investment program, which includes upstream and downstream expansions, enhanced steel production technologies, and sustainability initiatives to reduce carbon emissions by 20% by 2030. Presentations were delivered by ArcelorMittal CEO Aditya Mittal and other executives, emphasizing AM/NS India’s strong performance since its acquisition in 2019 and its strategic position to capitalize on India’s rapidly growing domestic steel demand.

(PRESS RELEASE) LUXEMBOURG, 25-Sep-2024 — /EuropaWire/ — ArcelorMittal SA (AMS: MT), the world’s leading steel and mining company, held an investor day at the AM/NS India facility in Hazira, Gujarat, where the company outlined its ambitious growth strategy and progress in India’s fast-growing steel market. AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, is set to become a leader in the Indian steelmaking industry, with a vision to expand annual production capacity to 40 million tonnes in the long term.

The event featured a site tour and presentations by key executives, including ArcelorMittal CEO and AM/NS India Chairman Aditya Mittal and Dilip Oommen, CEO of AM/NS India. They discussed the company’s strategic initiatives, including the first phase of a major expansion project at the Hazira plant, which aims to increase annual steelmaking capacity from 9 million tonnes to 15 million tonnes by 2026. Additionally, a $1 billion investment in downstream operations will enhance the plant’s ability to produce advanced, high-quality steel products for industries like automotive, including corrosion-resistant materials like Magnelis®.

Since acquiring the Hazira plant in 2019, AM/NS India has steadily improved its operational performance, achieving record production levels and outpacing its domestic competitors in profitability. The company has generated $5.8 billion in cash since the acquisition, which has been reinvested into securing its supply chain and making key strategic acquisitions, such as slurry pipelines, iron ore mines, ports, and power plants. Despite these significant investments, the company’s net debt has remained stable.

The company’s long-term expansion strategy includes plans to increase capacity to 24 million tonnes by the end of the decade and potentially reach 40 million tonnes through further development. These growth initiatives are driven by expectations that India will become the world’s third-largest economy by 2028, with domestic steel demand projected to grow at over 6% annually.

AM/NS India also emphasized its commitment to sustainability, aiming to reduce carbon intensity by 20% by 2030. A recent investment in renewable energy, including a $0.7 billion, 1GW renewable energy project, reflects the company’s focus on responsible growth as it continues to expand its operations.

For more information and to view the presentations from the investor day, visit the ArcelorMittal website at https://corporate.arcelormittal.com/investors/equity-investors/shareholders-events.

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

http://corporate.arcelormittal.com/

Contact information ArcelorMittal investor relations
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Contact information ArcelorMittal corporate communications
Email: press@arcelormittal.com
Paul Weigh
+44 203 214 2419

SOURCE: ArcelorMittal