ArcelorMittal has waited two decades to set up a steel plant in India, said its chairman Lakshmi Mittal at the foundation stone laying ceremony of an 8.2 million tonne (MT) facility at Rajayyapeta in Anakapalli, Andhra Pradesh. The first phase of the project will be completed by 2029 with an investment of ₹70,000 crore.

"This is my country. A country I love. A country I have always wanted to contribute to," he said.

Mittal said the company had explored multiple opportunities over the years before arriving at the current project. "We explored opportunities, we held discussions, we waited for the right moment," he said. That moment took shape in 2019 when, along with long-term partner Nippon Steel, ArcelorMittal acquired Essar Steel, establishing a significant manufacturing presence in India, Mittal added.

"ArcelorMittal celebrates its 20th anniversary later this year. For these last two decades we had a vision to build a world-class greenfield steel plant here in India," Mittal said.

He credited policy direction for strengthening the sector’s outlook. Referring to Prime Minister Narendra Modi’s push for Aatmanirbhar Bharat and Viksit Bharat, Mittal said steel remains central to infrastructure, mobility, energy, manufacturing, and defence. "And steel is fundamental to this progress. It is present in every major national endeavour—from infrastructure and mobility to energy, manufacturing, and defence. As India continues its rapid development, the demand for high-quality, domestically produced steel will only increase. And that is what brings us here today," he said.

The Rajayyapeta plant will produce advanced, value-added steel aimed at strengthening domestic industrial capabilities. "Over the past year, we completed the land acquisition process and prepared the groundwork. And we are now ready to go," Mittal said.

ArcelorMittal CEO Aditya Mittal said the project aligns with India’s manufacturing push. "This is India’s manufacturing decade, and steel sits at the heart of it. Every expressway, railway, corridor, port, airport, and renewable energy project depends on a strong steel backbone," he said.

Highlighting the company’s existing presence, he added, "We have been in Andhra Pradesh for over 30 years. We have an 11 million tonne pelletiser in Vizag and renewable energy facility in Kurnool. And a slurry pipeline, which connects our pelletiser to the richest iron-ore belt in the country. The existing infrastructure enables us to fast-track the project."

Aditya Mittal said the plant’s coastal location would provide logistics advantages and enhance competitiveness. "This will be one of the lowest cost, most competitive steel operations in the country. This will strengthen India’s steel ecosystem, support the National Steel Policy’s 300 million tonne ambition," he added.