AM/NS India is a joint venture between ArcelorMittal, one of the world’s leading steel and mining companies, and Nippon Steel, Japan’s largest steel producer.
Our origin and the future
Our Indian joint venture came to life with the acquisition of Essar Steel, following a bidding process through India’s Insolvency and Bankruptcy Code (IBC). ArcelorMittal and Nippon Steel established the joint venture in December 2019 with the ambition of building a profitable and sustainable steel business that brings value for our customers, employees, local communities and suppliers and, of course, India.
Despite Essar Steel’s enviable and advanced portfolio of steel manufacturing assets, the company faced severe financial difficulties that ultimately forced it to default on its debt repayments. In 2017, Essar Steel was identified as one of the first and largest distressed assets to undergo insolvency proceedings under the IBC.
Our successful bid for Essar Steel was founded on a vision of a sustainable future for Indian steelmaking. Our plan includes investment commitments of more than $1 billion to support operational improvement, increased production levels and enhanced levels of profitability in the short to medium term. Our long-term ambition is to significantly scale up production capabilities and establish a research and development centre at Hazira, Gujarat, all of which will help advance India’s domestic steel production capacity and capabilities. Realising this long-term ambition involves a substantial capital expenditure programme.
We are determined to build a company, here in India, which is recognised for quality, reliability and excellence in environmental and health and safety performance, and one which makes a positive contribution to the communities in which it operates.