ArcelorMittal to expand India footprint with new capacities and takeovers

/2 min read

ADVERTISEMENT

ArcelorMittal-Nippon Steel is investing ₹60,000 crore to expand its steelmaking capacity in Hazira to 15 million tonne (MT) a year from 9MT
ArcelorMittal to expand India footprint with new capacities and takeovers
ArcelorMittal to expand its steelmaking capacity in Hazira plant located in Odisha. Credits: Getty Images

Lakshmi Mittal-controlled ArcelorMittal, the world’s largest steelmaker, is set to expand its steel footprint in India with expansion of Hazira plant, construction of new capacities in Odisha and takeovers of NMDC's steel plant and Indian Steel Corporation (ISC). 

The company along with joint venture partner Nippon Steel is investing ₹60,000 crore to expand its steelmaking capacity in Hazira to 15 million tonne (MT) a year from 9MT. The investment is also for installation of new steel making technologies and machineries and increasing product mix. Captive renewable energy capacities will also be built there for the production of green steel at the plant. 

The Odisha state government has recently approved the proposal of ArcelorMittal Nippon Steel (AMNS) India Ltd to set up a 7MT steel plant in Jagatsinghpur district. The company will be investing ₹38,000 crore initially for the project. This project is expected to generate employment for 11,000 people.

Fortune India Latest Edition is Out Now!
India's Top 100 Billionaires

August 2025

As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.

Read Now

ArcelorMittal India and JSW Steel are in fray to buy the steel plant of mining major National Mineral Development Corporation (NMDC) in Chhattisgarh. The 3MT plant is expected to cost over ₹20,000 crore. The company has also been negotiating to take over the bankrupt firm ISC. But the process has not yet completed. 

AMNS acquired Essar Steel's plant in Hazira in 2019 for ₹42,000 crore through bankruptcy process. Later, group firm AM Mining India acquired another bankrupt company Uttam Galva Steel for around ₹3,500 crore.

AMNS posted a 62.75% fall in earnings before interest, tax, depreciation and amortisation (EBITDA) at $162 million in the December quarter due to lower shipments and selling prices. The duties on steel exports had also affected the business. 

At the petroleum front, Mittal Energy Ltd in joint venture with HPCL is looking to set up a 1.2 MT petrochemical complex at a cost of ₹24,000 crore. The joint venture firm owns 11 MT Guru Gobind Singh Refinery at Bathinda. It was built for $4 billion in 2012. The partners have a 48% stake each in the JV.

Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.