ArcelorMittal Nippon Steel India is set to establish a Rs 1.47 lakh crore steel plant in Visakhapatnam, following public opinion hearings. 

The plant will be developed in two phases, with the first phase—targeted for completion by January 2029,  having a 7.3 million tonne annual capacity. Upon full completion by 2033, the plant will reach 10.5 million tonne capacity. The facility will span Bucchirajupeta, Chandanada, DL Puram, Rajayyapeta, and Vempadu, and is expected to generate around 61,000 work pportunities. 

A dedicated captive port is also planned, requiring 128 hectares of coastal land, with Rs 11,199 crore earmarked for its construction—Rs 5,816 crore in the first phase (five berths) and Rs 5,383 crore in the second (12 berths). The port is projected to employ an additional 8,000 people. The state government is preparing to acquire 4,000 acres for the second phase.