ArcelorMittal and Nippon Steel joint venture in India, AMNS plans to increase its finished steel output from the present 6.5mn mt to 8.5mn mt by the end of 2024. The expansion will be achieved by adding a coke oven, blast furnace and basic oven furnace.
AMNS also plans to increase finished steel shipments to 12 -15mn mt in the long term through the addition of new iron and steel making facilities. The company also looks to increase annual finished steel production to 6.5mn mt with an investment of Rs186,970mn, according to their resolution plan. In the second stage, this annual capacity will be increased to 8.5mn mt by the end of 2024.
ArcelorMittal and Nippon Steel formed a joint venture with 60pc and 40pc stake, respectively, for the acquisition of the erstwhile Essar Steel in Dec 2019.