ArcelorMittal Nippon to Build $13 Billion Steel Plant in India
ArcelorMittal Nippon Steel India has received approval from the Odisha government to set up a 24 million tonnes/year steel plant.
(Bloomberg) -- ArcelorMittal Nippon Steel India Ltd. has received approval from the Odisha state government to set up a $13 billion, 24 million tons-a-year steel plant, a doubling of investment and capacity from an initial proposal in March.
The Kendrapara complex will produce steel using the latest green steel-making technology and will also produce high value-added downstream products, the Odisha government’s investment promotion body said in a statement after a meeting chaired by Chief Minister Naveen Patnaik. The project will be completed in phases in seven years, it added.
In March, Patnaik had tweeted that ArcelorMittal Nippon Steel had signed an accord to build a 12 million tons-a-year steel plant in the state at an investment of 500 billion rupees ($6.6 billion).
This facility will also produce 18.75 million tons of cement annually, the statement added.
ArcelorMittal had previously attempted to build a steel plant in the state more than a decade ago but ditched the plan in 2013 due to its failure to get suitable land and necessary permits to mine iron ore, a key raw material.
©2021 Bloomberg L.P.