AMNS India to invest USD $1 billion in downstream industry

30 Sep 2022 CW Team

Aditya Mittal, the Chairman of the steel company based in Gujarat, announced that ArcelorMittal's subsidiary AMNS India will invest USD $ 1 billion in the downstream industry, particularly in the growth of its specialty steel portfolio. In addition, Mittal serves as CEO of parent firm ArcelorMittal, which owns 60% of AMNS India.

AMNS India in Hazira is well-positioned to take advantage of the growth opportunities provided by the local steel market, which has the potential to increase to 300 million tonne per year by 2030.

This meeting marked the first since the asset was acquired jointly by Luxembourg-based ArcelorMittal and Japan's Nippon Steel in December 2019.

In a presentation to investors and analysts, Mittal stated that AMNS India is committed to leading the decarbonisation of the Indian steel industry in addition to volume growth. AMNS India will increase its production of high grade specialty steels in key growth sectors like infrastructure and automotive, in line with India's national steel policy and significant policy initiatives like Atmanirbhar Bharat.

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