Page 5 - Arcelormittal

AM/NS India kicks off Rs 60,000-crore Gujarat's Hazira plant expansion

Aditya Mittal says will make products never made before in India

AMNS India to invest Rs 60,000 crore to expand Hazira plant: Chairman

ArcelorMittal's arm AMNS India will invest Rs 60,000 crore to scale up capacity of its steel plant here to 15 million tonnes (MT), the company's chairman Aditya Mittal said on Friday. The existing capacity of the plant is 9 MT. "We will invest Rs 60,000 crore to increase capacity of our plant to 15 MT," Mittal said after performing the "Bhoomi Pujan" at the plant, which marked the start of the expansion project. The investment will also be for installation of new steel making technologies, setting up new-age machineries and increase product mix, he said. Mittal said a round-the-clock renewable energy source will also be set up to supply green energy to the plant. The investment will create over 60,000 crore job opportunities across the country in various verticals of the company, the chairman said. Mittal is also the CEO of parent company ArcelorMittal which holds 60 per cent equity in AMNS India. In 2019, ArcelorMittal along with Japan's Nippon Steel completed the acquisition o

ArcelorMittal partners with S Africa's Sasol to boost hydrogen economy

A partnership between ArcelorMittal SA (AMSA) and South Africa's homegrown petrochemicals giant Sasol to develop a green hydrogen hub in Saldanha Bay is expected to give a huge boost to the hydrogen economy in the country. Saldanha Bay, located on the West Coast of South Africa, is the largest natural port on the African continent. The town suffered a serious economic blow when AMSA shut down its steel manufacturing plant there in 2020 at the height of the Covid-19 pandemic. Global steel magnate Laxmi Mittal's acquired AMSA after he first helped the ailing state-owned steel manufacturer Iscor turn its fortunes around in 2004. Now AMSA plans to become the first African green flat steel producer using green hydrogen at its plant in Saldanha Bay, while cutting back on its carbon footprint at its flagship steelworks in Vanderbijlpark. Sasol, which was established in the apartheid era to produce fuel from coal as the white minority government faced global sanctions, has evolved into a

NCLT approves resolution plan by Arcelor affiliate for Uttam Galva

Resolution amount was Rs 4,020 cr as per the plan

AM/NS India eyes $250-300 mn gain from purchase of Essar group infra assets

The port and power assets are primarily captive to AM/NS' Hazira steel plant in Gujarat, will expand firm's footprint and operating efficiencies

AM/NS India receives environmental clearance for Hazira plant expansion

This increased steel manufacturing capacity represents a significant boost for the government's National Steel Policy, which envisages doubling domestic capacity to 300 MTPA by 2030

MoUs, LoIs worth Rs 10.4 trillion signed ahead of Rajasthan summit

Energy sector has emerged as the main investment sector with 57 per cent of the proposed being implemented.

Lenders for Srei group companies accept EoI by AM Mining India

Sources indicated that issuing a fresh RFRP meant that the process was being opened to EoI participants

ArcelorMittal Nippon Steel India joins race to buy Srei group firms

Sources close to the development said whether new participants who were not part of the original list of EOI would be allowed will have to be evaluated

CCI clears acquisition of Essar Group assets by ArcelorMittal Nippon Steel

The Competition Commission of India on Thursday approved acquisition of assets of Essar Group by ArcelorMittal Nippon Steel India Ltd.

AMNS India to invest $1 billion in downstream sector: Aditya Mittal

ArcelorMittal's arm AMNS India will invest USD 1 billion in the downstream sector, including in the expansion of its specialty steel portfolio, Aditya Mittal, Chairman of the Gujarat-based steel player, said on Tuesday. Mittal is also the CEO of parent company ArcelorMittal which holds 60 per cent equity in AMNS India. AMNS India in Hazira is well-positioned to capture the growth opportunities presented by the domestic steel market which has the potential to grow to 300 million tonnes per annum by 2030, the company official said addressing a group of investors and analysts of ArcelorMittal. According to a statement, this was the first such meeting since Luxembourg-based ArcelorMittal and Japan's Nippon Steel jointly acquired the asset in December 2019. In addition to volume growth, AMNS India is focussed on leading the decarbonisation of the Indian steel industry and will increase its production of high grade speciality steels in key growth sectors such as automotive and ...

CPPIB, Petronas, Arcelormittal among 13 to bid for NTPC's green energy unit

The Canada Pension Plan Investment Board (CPPIB), Malaysian state-run Petronas and Arcelormittal SA are among the 13 bidders for a minority stake in the green energy unit of India's NTPC Ltd

ArcelorMittal, CPPIB among bidders for stake in NTPC Green Energy

ArcelorMittal, Brookfield and Canada Pension Plan Investment Board are among over a dozen entities that have evinced interest in buying stake in NTPC Green Energy Ltd, according to sources. NTPC Green Energy Ltd (NGEL) is a wholly-owned subsidiary of state-owned power giant NTPC Ltd. The expression of interest (EoI) for stake sale of 5 to 10 per cent in NGEL was invited in June this year. "The NTPC has received 13 bids for divesting up to 5-10 per cent stake in the NGEL. The EoI for the stake was issued around June. The bidders include ArcelorMittal, Brookfield, and Canada Pension Plan Investment Board. The winners will be finalised by the end of the month (September)". NTPC expects the valuation of the NGEL to be around Rs 2,000 crore. The sources also informed that the IPO (initial public offer) planned for NGEL will now come in FY24 (next fiscal). The company has not decided yet on the quantum of stake to be offloaded eventually and is looking initially at a 5 to 10 per cent st

AM/NS India to acquire infra assets from Essar Group for $2.4 billion

The ownership of port assets had been in courts since 2020 after AM/NS India moved the Gujarat High Court

Essar signs $2.4 billion deal to sell ports business to ArcelorMittal

Essar Group on Friday announced a USD 2.4 billion (Rs 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd. In a statement, Essar said it has signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations. "The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal," it added.

AM/NS India Ebitda declines 39.9% in June quarter on lower shipments

Reports steel shipments of 1.51 MT in quarter, compared with 1.72 MT a year ago and 1.73 MT in previous quarter

AM/NS India to invest Rs 273 crore on zero liquid discharge at Hazira

ArcelorMittal and Nippon Steel joint venture has announced that it was in the process of investing Rs 273 crore for zero liquid discharge, other environmental initiatives at its Hazira steel complex

SAT quashes Sebi penalty of Rs 2,00,000 in ArcelorMittal Nippon Steel case

The ruling comes after an appeal was filed against the Sebi order that had levied Rs 2 lakh fine on Essar Steel for not making the requisite disclosure under LODR rules

IBC framework needs a booster dose; debt resolutions slacken in two years

According to the statistics by the Insolvency and Bankruptcy Board of India, since the provisions of IBC came into force in December 2016, as many as 5,258 insolvency cases have been filed by lenders

WEF 2022: Andhra signs 3 MoUs, AMNS India announces Rs 1,000 cr investment

World Economic Forum 2022: ArcelorMittal Nippon Steel India intends to complete the expansion project in 2023