ArcelorMittal, Nippon Steel Acquire Essar Steel
ArcelorMittal completed the acquisition of Essar Steel India Ltd. (ESIL) and simultaneously established a joint venture with Nippon Steel Corp. called ArcelorMittal Nippon Steel India Ltd. (AM/NS India), which will own and operate ESIL. ArcelorMittal holds 60% of AM/NS India with Nippon Steel holding the balance. AM/NS India is an integrated flat-steel producer, including steel plates and steel pipes, with a current level of crude steel production of 7.5 million metric tons per year. It also has iron-ore pellet facilities in eastern India, with current annual capacity of 14 million metric tons.
AM/NS India plans to increase finished steel shipments to 8.5 million metric tons per year over the medium-term. A long-term aspiration is to increase finished steel shipments to between 12 and 15 million metric tons per year through the addition of new iron and steelmaking assets.
Source: Industrial Heating
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