ArcelorMittal Nippon Steel (AMNS) India plans to start building the projected Paradip plant in January, initiating a 7 million tonnes per year project.
This will be one of the few greenfield plants that ArcelorMittal has built globally and the company’s first in the nation. ArcelorMittal, which is well-known for its propensity to expand through acquisitions, owns 60% of AMNS India, with the remaining 40% being held by Nippon Steel of Japan.
Hemant Sharma, principal secretary of the industry department, Odisha, said the state government has given 1,485 acres of land to the company for the proposed project. “The target is to break ground by December-January,” the secretary disclosed, adding that the investment in the steel plant is going to be Rs 38,000 crore.
AMNS already has a presence in Odisha. In Paradip, a seaside town where one of India’s major ports is located, the company operates an iron ore mine, a slurry pipeline, and a pellet mill. The steel giant has also suggested a factory at Kendrapara in Odisha in addition to Paradip. However, it might take some more time for that idea to get traction.
Even though the business stated in its results announcement in July that construction on the integrated steel plants in Paradip and Kendrapara was already underway, AMNS did not immediately respond to a request for information on the Paradip project. It said that both projects had submitted applications for environment clearance.