Nippon Steel aims to almost double Indian unit's output capacity

TOKYO : Japan's biggest steelmaker Nippon Steel Corp plans to almost double crude steel output capacity at its India's Hazira plant to secure more of the growing market, an executive said.

In 2019, Nippon Steel and ArcelorMittal jointly bought India's bankrupt Essar Steel, now called AM/NS India, and have been considering expanding the venture. AM/NS India said last week it would buy some infrastructure assets from Essar Group for $2.4 billion to strengthen its steel business.Steelmakers face an uncertain outlook, with volatile prices for coking coal, iron ore and other raw material caused by the Ukraine crisis and with China's weak steel output.

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