A year of ArcelorMittal Nippon: A 'new type of steel company' in the works

Firm claims Covid has had no long-term impact, growth plans are on track and target of reaching 12-15 million tonne output remains

The Covid-19 pandemic has in no way dampened the long-term potential for ArcelorMittal Nippon Steel (AM/NS) India and growth plans are on track, the company’s chairman, Aditya Mittal, indicated in a communication to employees on the occasion of completion of a year of operations on Wednesday.

ArcelorMittal had fought a pitched battle to acquire Essar Steel, one of the 12 non-performing assets (NPAs) mandated for resolution by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC); the acquisition was made jointly by ArcelorMittal and Nippon Steel Corporation. 

In the joint venture, ArcelorMittal holds 60 per cent