The Andhra Pradesh State Government in India has tied up with Liberty Steel India Limited to develop the YSR Steel Plant in the Kadapa district.
The 3mn mt per year capacity plant will produce high-grade finished steel, with one-third of this capacity slated to begin commercial operations by March 31, 2024.
Liberty Steel is spending INR108bn ($1.5bn) to build the proposed steel plant under the joint venture with the state government. Green steel technologies will be prioritized in the construction of the new plant, according to media reports, and the plant will provide direct and indirect employment for 25,000 workers.
The JV intends to invest $7.2mn to purchase the land to construct the integrated steel plant. The Andhra Pradesh government has also signed a memorandum of understanding (MOU) with NMDC to supply 4.5mn mt of iron ore annually. A state official noted that relationships for other raw materials like ferroalloys, limestone, dolomite, quartzite, and others are under progress and will be contracted according to lead time timelines to meet the scheduled commissioning date.