ArcelorMittal/Nippon Steel joint venture, which completes 5 years of operation in India, plans to spend around ₹2.5 lakh crore to expand its steelmaking capacity to 40 million tonne (MT) by 2035 from 9MT at present. The existing plant in Hazira, Gujarat, added more land and will expand steel production to 15MT from 9MT initially, before further increasing it to 24MT.

The market share of AM/NS is targeted to increase to 20% from 13%. The steelmaker has launched two specialised products in the market —Optigal and Magnelis —both are patented products of ArcelorMittal. Nippon is also expected to introduce similar patented products from its portfolio.

AM/NS demonstrated strong financial performance over the last five years, accumulating a combined net profit of over ₹32,000 crore.