ArcelorMittal Nippon Steel India receives the Odisha government's approval for its $4.68 billion steel plant project. This project is expected to have an annual production capacity of whopping 7 million tonnes. As per the Odisha government's statement, the plant to be built by the joint venture between ArcelorMittal SA and Nippon Steel Corp will have an annual production capacity of 7 million tonnes. Also, the plant is expected to churn employment opportunities for more than 11,000 people in the state.
ArcelorMittal Nippon Steel India (AM/NS India) is a joint venture between ArcelorMittal and Nippon Steel, two of the world’s leading steelmakers. Earlier this month, ArcelorMittal Nippon Steel India launched the steel slag brand ‘Aakar’. The steelmaker has pioneered the technology for reusing steel slag, a by-product obtained during the primary steel manufacturing process, in the construction of roads and national highways.
Last year, in November, ArcelorMittal Nippon Steel India completed the acquisition of two port assets and a power plant from the Essar Group for a net value of approximately Rs 16,500 crore.
The JV between ArcelorMittal and Nippon Steel is an integrated flat steel manufacturer - from iron ore to ready-to-market products. The steelmaker serves an array of contemporary industries (agriculture, automotive, infrastructure, defence, energy, etc.) and contributes to an Aatmnirbhar Bharat.
