Steel giants ArcelorMittal and Japan's Nippon Steel announced plans to jointly establish an integrated steel plant near Anakapalli in Visakhapatnam, with an initial investment of Rs 70,000 crore for the first phase. Chief Minister N Chandrababu Naidu is set to meet with Arcelor representatives to discuss further details.
The foundation stone for the new facility is scheduled to be laid in January 2025. The government has confirmed the allocation of land necessary for the project, repurposing part of the 2,000 acres initially designated for a bulk drug park near Anakapalli, as well as land earmarked for the Nakkapalli Park, which is part of the Visakha-Chennai Industrial Corridor.
The completion of the first phase of the Integrated Steel Plant (ISP) is likely to create approximately 20,000 jobs, with officials from the Industries Department projecting significant employment opportunities in related sectors.
While ArcelorMittal was considering investments, they ultimately chose to proceed with this project in Andhra Pradesh, influenced by the incentives offered by the government. A dedicated team from the Department of Industries and APIIC has facilitated discussions between the company and the Chief Minister, ensuring regular communication and support.
