ArcelorMittal and Nippon Steel to invest Rs 2,000 Cr in Odisha

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TNI Bureau: Following a discussion with Odisha CM Naveen Patnaik via video conferencing from London, ArcelorMittal Group Chairman and CEO Lakshmi Niwas Mittal has committed Rs 2,000 crore investment in Odisha in the first phase.

While lauding Naveen Patnaik for successfully managing COVID-19 situation, Lakshmi Niwas Mittal appreciated the steps taken by Odisha Government to provide all assistance to industrial houses during the pandemic. He also hailed the CM for designing a best auction process to bring more transparency in governance.

ArcelorMittal and Nippon Steel (ArcelorMittal Nippon Steel India Limited) have recently acquired the Essar Steel, making themselves the biggest steel conglomerate in the world. The acquisition was worth Rs 50,000 crore.

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ArcelorMittal and Nippon Steel are currently managing the Pellet Plant in Paradip and the Beneficiation Plant in Dabuna, Keojhar along with Sagasahi and Thakurani Mines.

Capacity of the Paradeep Pellet plant has been enhanced from 6 MTPA to 12 MTPA. Similarly, the capacity of Dabuna Beneficiation Plant will be extended to 16 MTPA from 5 MTPA. The ArcelorMittal Nippon Steel India Limited will invest Rs 2,000 crore in Odisha towards these projects.

The Odisha CM advised Laxmi Mittal to add value to the mineral resources procured from Odisha in the State itself in order to generate more employment opportunities for the local people and help contribute to the development of state economy.

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