ArcelorMittal has completed the acquisition of Essar Steel India (ESIL), and simultaneously established a joint venture with the Nippon Steel Corporation (Nippon Steel), known as ArcelorMittal Nippon Steel India (AM/NS India), which will own and operate ESIL.
Aditya Mittal, President and CFO of ArcelorMittal, has been appointed Chairman of AM/NS India, and Dilip Oommen has been appointed AM/NS India’s CEO.
AM/NS India manufactures flat steel, steel plates and steel pipes mainly at its integrated steel mill with nominal crude steel production capacity of 9.6 million tonnes per year in India. It also has iron ore pellet facilities in the east of India, with current annual capacity of 14 million tpa.
The company’s plan is to increase finished steel shipments to 8.5 million tonne over the medium-term. The long term plan is to increase finished steel shipments to between 12 and 15 million tonne through the addition of new iron and steel making assets.