Dilip Oommen, Chief Executive Officer, ArcelorMittal Nippon Steel India (AM/NS India), stated that the demand for steel in India would increase due to the country's low per capita consumption and the government's focus on infrastructure development. The company's current capacity of 9 million tonne would expand to 40 million tonne by 2035. When asked about the company's plans for acquisitions, Oommen referred to the list of previous acquisitions that began with the acquisition of Essar Steel from the bankruptcy court in 2019.
India's per capita steel consumption is currently low, indicating that it can only go upwards, especially with the need for infrastructure development in various sectors like roads, ports, and airports.
The company aims to achieve a manufacturing capacity of 40 million tonne by 2035. Presently, the company is producing close to 8 million tonne per annum at the Hazira plant, and this will be increased to 15 million tonne and then 22 million tonne. Additionally, they plan to undertake a greenfield expansion in Odisha.
The company is currently a flat steel manufacturer, they will also venture into long products. They are considering both organic and inorganic approaches for growth.
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