Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Global steelmaker and miner ArcelorMittal has hinted at investing Rs1trillion ($13.49bn) for various developments in Gujarat, including the expansion of its Hazira steel mill. 

 

The group is planning a Rs500bn investment to enlarge its steel mill in Hazira as well as plans to invest a further Rs500bn in solar energy, wind energy, and hydrogen gas production in Gujarat, according to reports.

 

ArcelorMittal Nippon Steel India (AM/NS) purchased the 10mn mt per yearly melting capacity steel plant in 2019 from Essar Steel following an insolvency process initiated by lender banks. 

 

Earlier this year, AM/NS India and Odisha government signed a Memorandum of Understanding (MoU) to set up a 12mn mt integrated steel mill in the state, for Rs500bn.

 

($1=Rs74.13)

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