The investment will also be used to install new equipment and technologies for creating steel as well as to diversify the product offering. Also, there will be the construction of captive renewable energy capacities for the plant’s manufacture of green steel.ArcelorMittal Nippon Steel (AMNS) India Ltd. recently received approval from the Odisha state government to build a 7MT steel factory. The project will initially require a 38,000 crore investment from the corporation. 11,000 individuals are anticipated to gain employment as a result of this project.
Source: Zee Business To acquire the steel factory owned by the large mining company National Mineral Development Corporation (NMDC) in Chhattisgarh, ArcelorMittal India, and JSW Steel are competing. About 20,000 crores are anticipated to be spent on the 3MT project. Moreover, the business has been seeking to acquire ISC, a failed corporation. Yet, the procedure is still ongoing.
In 2019, AMNS paid 42,000 crores for the Hazira factory of Essar Steel in a bankruptcy process. Later, another bankrupt company, Uttam Galva Steel, was purchased for about 3,500 crores by group company AM Mining India.
Earnings before interest, tax, depreciation, and amortization (EBITDA) for AMNS fell by 62.75% to $162 million in the December quarter due to lower shipments and selling prices. The duties on steel exports also affected the business.
What do you think about this? Share your views in the comments
