The Mittals plan to double their bets on India as their maiden venture in the country completes a year in operation.

Dilip Oommen, CEO of AMNS India (ArcelorMittal Nippon Steel), said the company would like to expand capacity at Hazira to twice the existing size and look for opportunities elsewhere.

Speaking at an e-conclave organised by the Bengal Chamber of Commerce & Industry, Oommen said: “We are quite bullish on the future of the steel industry in India. While we are expanding our pellet capacity to 20 million tonnes, we want to double the production at Hazira in stage one and then we will look at opportunities.”

Mittals acquired Essar Steel for Rs 42,000 crore through a litigious insolvency process and partnered Japan’s Nippon Steel, which picked up a 40 per cent stake, to manage the asset. The asset is capable of producing 8.3-million-tonne steel now and Oommen said the plant was operating at 100 per cent capacity.

However, there are a few loose ends the company may tie up before converting the intent to action. It has set its eyes on the captive port linked to the steel plant and stake claim on the asset which is owned by Essar’s erstwhile owners.

Moreover, it is fighting a court battle to secure a pipeline in Odisha to carry iron ore slurry from the mine to the pellet plant at Paradip. It is also trying to win over creditors of a secondary steel producer Uttam Galva Steel through a bankruptcy process.

V-Shaped recovery

Participating in the conclave, director (commercial) of SAIL, Soma Mondal, said there has been a V-shaped recovery in steel demand.

“Two major developments are defining steel demand, one is government intervention through various schemes, including Atmanirbhar Bharat, and adequate liquidity in the market,”

Mondal, who is tipped to take over as the chairperson of the public sector behemoth, said.