Lakshmi Mittal Announces Arcelor Mittal’s Plan for World’s Largest Steel Plant in Hazira by 2029
Arcelor Mittal, the world’s largest steelmaker, has announced its ambitious plan to build the world’s single largest steel manufacturing site at Hazira in Gujarat by 2029. The company’s executive chairman, Lakshmi N Mittal, revealed the details of the project at the celebrations of 20 years of ‘Vibrant Gujarat’ summit on Wednesday.
Expansion and investment
Mittal said that the company’s arm, AMNS India, which acquired Essar Steel in 2019, will invest Rs 60,000 crore to scale up the capacity of its steel plant at Hazira from 7.5 million tonnes (MT) to 15 MT by 2026. He expressed confidence that with the cooperation of the central and state governments, the project will be commissioned on time. He added that the company has a target to further increase the capacity to 25 MT by 2029, making it the world’s biggest steel plant. He said that over 20,000 people are currently involved in the project construction, which is moving at a fast pace.
Technology and sustainability
Mittal said that the company will also make advanced products for technology, such as electrical steel and high-strength steel, which will help India reduce imports and become self-reliant. He said that the company is committed to sustainability and will adopt green technologies such as electric arc furnaces, hydrogen-based steelmaking and carbon capture and storage. He said that the company aims to achieve net-zero emissions by 2050.
Growth and development
Mittal praised Gujarat as a leading industrial state that provides reliable infrastructure, stable policy environment and professional administration. He said that in January 2022, he signed an agreement with the state government to invest over Rs 1 lakh crore in various sectors such as petrochemicals, automobile, port, textiles and green hydrogen. He also lauded the ‘Vibrant Gujarat’ summit as a platform that has helped India attract foreign investments and promote socio-economic development. He said that India is the fastest growing economy in the world and has enhanced its image as a global consensus builder after hosting the successful G20 summit.