ArcelorMittal, Nippon Steel bullish on India despite economic slowdown

The joint venture - 60 per cent held by ArcelorMittal and the balance by Nippon Steel - was renamed AM/NS India

The India story may have slowed, but for global steel majors ArcelorMittal and Nippon Steel (AM/NS India), that have invested Rs 50,000 crore in Essar Steel, it remains a bright spot.

“On a medium-to long-run basis, the growth story is intact,” said Aditya Mittal, president, ArcelorMittal as well as group chief financial officer (CFO) and chief executive officer (CEO), ArcelorMittal Europe, during the group’s earnings call. 

Aditya, who is also chairman of AM/NS India, was responding to questions from analysts on the Essar Steel acquisition and when the joint venture would actually generate a cash return for shareholders.  

Mid-December, ArcelorMittal and Nippon Steel