ArcelorMittal's Chairman, Lakshmi Mittal, revealed plans at the Vibrant Gujarat Global Summit 2024 to construct the world's largest steel manufacturing site in Hazira, Gujarat, by 2029. The initial phase of this expansive project is scheduled for completion by 2026, with the subsequent phase, outlined in a Memorandum of Understanding (MoU), expected to conclude by 2029. Upon full operation, the facility is projected to yield approximately 24 million tonnes (MT) of steel, solidifying its status as the globe's preeminent steel manufacturing site.
Lakshmi Mittal emphasized that the Hazira expansion, inaugurated by Prime Minister Narendra Modi in 2021, represents a pivotal undertaking for ArcelorMittal. The company's commitment to India's industrial growth aligns with the country's broader economic objectives. In 2019, ArcelorMittal and Japan's Nippon Steel jointly acquired the Essar Steel Limited plant located in Hazira, subsequently rebranding it as ArcelorMittal Nippon Steel (AMNS) India.
The announcement of the Hazira steel plant expansion comes on the heels of ArcelorMittal Nippon Steel (AMNS) India's declaration, in October 2022, of an investment amounting to approximately Rs 60,000 crore. This substantial investment is intended to enhance the plant's capacity to 15 MT, encompassing the incorporation of cutting-edge steelmaking technologies, deployment of state-of-the-art machinery, and diversification of the product mix.
Highlighting the broader scope of ArcelorMittal's commitment to sustainability, Lakshmi Mittal underscored the corporation's investments in renewable energy and green hydrogen. These initiatives reflect ArcelorMittal's strategic positioning in emerging sectors that prioritize environmental responsibility and contribute to India's renewable energy landscape.
Additionally, Lakshmi Mittal recounted his previous participation in the Vibrant Gujarat Summit, citing Prime Minister Narendra Modi's vision for global collaboration and progress. The PM's articulation of the summit's overarching theme, "One Earth, One Family, and One Future," resonated with Mittal as a testament to India's rising stature on the global stage.