The Vibrant Global Gujarat Summit 2024 has kicked off with a bang, and one of the most significant announcements comes from none other than Lakshmi Mittal, the renowned industrialist and Chairman of ArcelorMittal, the world’s largest steel producer. Mr Mittal has unveiled ambitious plans to construct India’s largest steel manufacturing plant in Gujarat by 2029, marking a substantial investment in the state and a significant boost to the country’s industrial sector.
Historical Context
Ahmedabad, India – January 10, 2024 – Lakshmi Mittal, the chairman of ArcelorMittal, the world’s largest steelmaker, made a significant announcement at the Vibrant Global Gujarat Summit 2024. He said ArcelorMittal plans to build the world’s largest single-site steel manufacturing plant in Hazira, Gujarat, India.
The Mega Project
Anticipating the plant’s achievement of becoming the world’s largest steel facility, experts project its annual steel capacity to reach 24 million tons.
Moreover, expectations include the generation of over 100,000 jobs in Gujarat.
Mittal announced that the construction of the plant will occur in two phases.
Scheduled for completion in 2026, the construction of the first phase, and the finish of the second phase is set for 2029.
The plant will use the latest technology to produce steel sustainably. It will be powered by renewable energy and use water-saving technologies.
Key Features of the Steel Manufacturing Plant:
Mittal said the plant is a sign of ArcelorMittal’s commitment to India. He said the company is confident in India’s economic growth and potential as a global steel market.
Indian Prime Minister Narendra Modi welcomed the announcement. He said the plant is a “major boost” for India’s steel industry.
Expectations are that the plant will exert a significant impact on the Indian economy.
It will create jobs, boost exports, and attract foreign investment.
Moreover, industry observers anticipate that the plant will play a role in meeting the increasing demand for steel in India.
India, being the world’s second-largest steel producer, anticipates a surge in demand in the coming years.
The plant is a significant development for the Indian steel industry and economy. It signifies India’s growing importance as a global steel market.
