ArcelorMittal

The loan proceeds would be used to finance the expansion of the plant at Hazira, Gujarat, from nine million tonnes (mt) to 15 mt

Steel company shares to be listed on Monday

Joint venture firm says lower selling price and India's duty on steel exports last year impacted business

Tata Power CEO and MD Praveer Sinha announced a Rs 6,000 crore capital investment by the company in Odisha

Visakhapatnam-based RINL has supplied 1,800 tonnes of structural steel to AMNS India for its expansion project in Hazira, Gujarat. On October 28, the Gujarat-based steel maker AMNS India kicked off the Rs 60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes (MT) from about 9 MT at present. "#RINL Ahmedabad & @larsentoubro officials flagged off first consignment of structural steel (1800 tons) to ArcelorMittal Nippon Steel, Hazira for the expansion project," Rashtriya Ispat Nigam Limited (RINL) said in a Tweet. Structural steel is a type of steel used for making construction materials. Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes. ArcelorMIttal Nippon Steel (AMNS) India is a joint venture (JV) company of Luxembourg-based ArcelorMittal and Nippon Steel of Japan. In 2019, the two companies completed the acquisition of the Essar Steel Limited plant .

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

ArcelorMittal and Nippon Steel, has embarked on an expansion that includes increasing capacity at its existing location, Hazira in Gujarat, and setting up new plants in Odisha

In order to complete its asset monetisation drive to effectively become debt free, Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) on Monday concluded the $2.05 billion (Rs 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Ltd (AM/NS).

The transaction, fully funded by AM/NS India, includes two port assets and a power plant which are now wholly-owned and operated by it

Ruia family-run Essar group on Monday said it has concluded the sale of captive ports and power assets located at Hazira in Gujarat and Paradip in Odisha to Arcelor Mittal Nippon Steel India Ltd (AM/NS) for USD 2.05 billion (about Rs 16,500 crore). With the sale, Essar has completed its asset monetisation programme to effectively become debt free. "Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) today concluded the USD 2.05 billion sale of captive ports and power assets located in Hazira and Paradip to AM/NS," it said in a statement. The sale consisted of infra assets including a 270 MW power plant and 25 million tonnes per annum port at Hazira, Gujarat, and a 12 million tonnes a year port at Paradip, Odisha. Prashant Ruia, Director, Essar Capital, said, "Essar has concluded its asset monetisation programme and completed the debt repayment of USD 25 billion (Rs 2 lakh crore) effectively making the group debt-free from Indian banks and financial institutions". Essar ..

Global steel giant ArcelorMittal on Thursday posted over a 78 per cent fall in its net income to USD 993 million for the September quarter, mainly due to low demand and higher energy costs. The company follows January-December fiscal year. "ArcelorMittal recorded a net income for 3Q 2022 of USD 993 million as compared to a net income for 2Q 2022 of USD 3,923 million, and a net income of USD 4,621 million for 3Q 2021. "Sales in July-September also fell 6 per cent to USD 19 billion, USD 20.2 billion in the year-ago period, impacted primarily due to lower steel shipments," the company said. Total steel shipments in the third quarter stood at 13.36 million tonnes (MT), lower from 14.6 MT a year ago, largely reflecting weaker demand in Europe. Its gross debt increased to USD 9 billion as of September 30, 2022. It was USD 8.2 billion as on September 30, 2021. ArcelorMittal Chief Executive Officer Aditya Mittal said the strong market conditions enjoyed for much of the past two years ...

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, reported a 62.98 per cent year-on-year drop (YoY) in EBITDA

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

Five people died and four others were hospitalised after a methane gas leak at an ArcelorMittal coal mine in Kazakhstan

To maintain higher capacity utilisation, exports are necessary for local steel players expanding their capacities, as demand is not directly proportional to production, according to a top industry executive. "Since expansion happens... there will be a certain stage where you necessarily will have to export, if we have to be on high capacity utilisation," Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India told PTI. His comments assume significance as steel players are looking up to the government for relief in the form of roll back of the duties levied on steel exports. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. In line with the government's 300 MT steel making capacity target, other steel players like Tata Steel, JSW Steel, SAIL and JSPL are also expanding their capacities to meet the goal. AMNS India on Friday commenced a Rs 60,000-crore expansion project to scale up its Hazira

ArcelorMittal's arm AMNS India is eyeing to supply high strength special steel for the proposed bullet train project in India. AMNS India Chairman Aditya Mittal on Friday announced a Rs 60,000-crore expansion plan for his company's plant based in Hazira, Gujarat. As per the plan, the capacity of the plant will be scaled up to 15 million tonnes (MT) from 9 MT at present, he said. The company has been working hard on the expansion plan to ensure it captures the potential that is here in India. The expansion is in line with government initiatives like Atmanirbhar Bharat, Mittal said. He was addressing a gathering after performing the 'Bhoomi Pujan' to mark the beginning of the expansion project here. As the company grows, the plan is to expand specialty steel portfolio and focus on segments such as automotive, transportation and renewables, the chairman said. Prime Minister Narendra Modi and Japan's erstwhile prime minister Shinzo Abe had laid the foundation stone for the bullet tra

Aditya Mittal says will make products never made before in India

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

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

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