MT - ArcelorMittal's Indian JV wins environmental OK for $5B plant expansion
ArcelorMittal ( NYSE: MT ) said Thursday its Indian joint venture with Japan's Nippon Steel received environmental clearance to expand crude steel production capacity at its plant in Hazira.
Approval by India's environmental ministry paves the way to initiate the project, which will increase the plant's production capacity to ~15M metric tons/year from 9M tons/year.
The JV has said the expansion will cost ~$5B and is part of a larger investment strategy that includes the recent $2.4B acquisition of Indian port and electric power assets from Essar Group.
The expansion will "enable us to meet the growing domestic market demand, while also equipping us to produce high-grade value-added steel," ArcelorMittal Nippon Steel India CEO Dilip Oommen said.
ArcelorMittal ( MT ) is bullish on India after unveiling plans to double steel manufacturing at one of its primary plants, MetalMiner writes in an analysis newly published on Seeking Alpha .
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ArcelorMittal's Indian JV wins environmental OK for $5B plant expansion