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ArcelorMittal Nippon Steel India secures a land in Andhra Pradesh to build a steel plant

ArcelorMittal Nippon Steel India secures a land in Andhra Pradesh to build a steel plant

ArcelorMittal Nippon Steel India announced on Friday that it will acquire land in southern Andhra Pradesh in order to build an integrated steel facility as part of the company's plan to expand in the country.

In a press release, the company said that possession is expected to be soon.

The company stated that the greenfield project has an initial capacity of approximately 7.3 million metric tons per year.

India is pushing to increase domestic manufacturing. The country's goal is to reach 300 MTPA crude-steel capacity by 2030.

ArcelorMittal Nippon Steel India, a 60-40 joint-venture between Luxembourg's ArcelorMittal & Japan's Nippon Steel, also announced that the expansion of its flagship Hazira steel plant to 15 MTPA (from 9 MTPA) is proceeding well. It plans to build another integrated steel facility in Odisha.

India's recent restrictions on the import of low-ash metallurgical coal, also known as met coke, an important raw material in steel production, have raised concerns.

Reports earlier this month stated that ArcelorMittal India's joint venture warned they might be forced to curtail their steelmaking and postpone expansion plans in India due to New Delhi’s import restrictions. Reporting by Ashna Britto, Bengaluru. Editing by Shilpa Majumdar

(source: Reuters)