ArcelorMittal Nippon Steel India, one of the country’s leading producers, will shift its strategic focus to domestic markets from exports, the former Essar Steel said Thursday.
Following the acquisition of Essar, ArcelorMittal and Nippon Steel said they view the Indian market as the most promising option and this would allow the joint venture to make a positive contribution to the nation’s plan to increase its steel production capacity to 300 million mt/year by 2030.
In 2018, the country’s production totaled 106.5 million mt, according to Worldsteel data. The acquisition was completed in December. Nippon Steel formally teamed up with ArcelorMittal in bidding for Essar in March 2018. Indian and European traders this week said they had been informed the JV would cease exports to Europe.
Source: https://www.spglobal.com/platts
