ArcelorMittal added that it is investing US $0.5 billion to create a new production unit for electrical steels for the engines of electric vehicles.
27 Jul 2023 | 18070 Views | By Shahkar Abidi
Globally Integrated steel and mining company, ArcelorMittal Nippon Steel India anticipates reaching a capacity of 8.6 Mt (million tonnes) annually, by the end of 2024. This is before increasing the capacity to 15 Mt in the first half of 2026 at the Hazira plant, including in automotive downstream and iron ore ...
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Globally Integrated steel and mining company, ArcelorMittal Nippon Steel India anticipates reaching a capacity of 8.6 Mt (million tonnes) annually, by the end of 2024. This is before increasing the capacity to 15 Mt in the first half of 2026 at the Hazira plant, including in automotive downstream and iron ore operations, at an investment of about US $0.8 billion, the company said in an update on Thursday.
ArcelorMittal Nippon Steel India (AMNS) is a joint venture between ArcelorMittal Nippon Steel (India) Mittal and Nippon Steel.
The second-largest steelmaker in the world reported a net income of US $1.9 billion in the second quarter of 2023 (versus US$ 1.1 billion in the first quarter). This includes a share of JV and associates' net income of US $0.4 billion (versus US $0.3 billion in the first quarter of 2023), and net income of US $3 billion in the first half of 2023 (versus US $1.3 billion in the second half of 2022).
Offering insights into other ongoing expansions, which include those for specialised steels for the automotive segment, ArcelorMittal added that it is investing US $0.5 billion to create a new production unit for electrical steels for the engines of electric vehicles. The new unit is located in Mardyck, France, and will have a production capacity of 170 kt (1000 metric tonnes) starting in 3Q2024. The steel produced at this plant will be used in the motors of electric vehicles as well as in other industrial applications.
AMNS India, had last year bagged its first steel slag order for a national highway project. Steel slag is a byproduct obtained during the primary steel manufacturing process. AMNS India received the order supply of steel slag from GR Infra Projects, which was awarded the contract by the National Highways Authority of India (NHAI), for the construction of a 36.93 km eight-lane access-controlled stretch from Ena to Kim in Surat. The stretch is a part of the upcoming Vadodara-Mumbai Expressway.