When the second phase of ArcelorMittal‘s Hazira steel plant completes by 2029, it will become the world’s largest steel plant with a production capacity of 24 million tonnes, the steel multinational’s chairman Lakshmi Niwas Mittal said on Wednesday. The first phase of the plant is expected to be completed by 2026, Mittal said at the Summit.
The UK-based steel magnate also highlighted that Arcelor Mittal‘s investment is not only in steel but also in renewable energy and green hydrogen.
Speaking about the institutionalised structure of the Vibrant Gujarat global business meet, Mittal commended the ideas, imagination, and process continuity rooted in the summit, and said it would significantly elevate India‘s pride on the global stage.
“I had come here in September last year… Prime Minister (Narendra) Modi then briefed us on how this mega-global event (Vibrant Gujarat) has institutionalised structure on the basis of ideas, imagination, and process continuity. The PM had then said that India’s pride will increase with the theme of ‘One Earth, One Family, and One Future’,” Mittal remarked.
The Hazira expansion project aligns with India’s commitment to industrial growth and positions ArcelorMittal at the forefront of major players in the steel sector.
Mittal’s remarks underscore the confidence and optimism prevalent among global investors and industrialists about the India opportunity in spite of a slowdown in the global economy amid geopolitical tensions.
