Magnetics Business & Technology - September/October 2020 - 21

PRODUCT NEWS

Backed by ArcelorMittal and Nippon Steel, AM/NS Is New Face for Electrical Steel Production
in India

Backed by the deep pockets and persistence of ArcelorMittal and
Nippon Steel, AM/NS is emerging as the new face of Essar Steel
in India, a large but insolvent manufacturer of electrical and other
steel products that the two partners finally rescued from bankruptcy. Now they are focused on growth.
	
  

ArcelorMittal, one of the world's leading steel and mining compa	
  
nies, and Nippon Steel, Japan's largest steel producer,
teamed up
to gain an entry to the robust Indian domestic steel market where
electrification and e-mobility manufacturing are on 	
  a strong upward curve, with demand rising about 6% annually. ArcelorMittal
	
   40%, in an
owns 60% of the new joint venture and Nippon Steel,
acquisition of Essar that was valued at about $5.7 billion.
Perseverance and a long-term view finally paid off for the two
companies. Both had been seeking a doorway into the Indian
market and the path through bankruptcy took
a grueling 865 days including time with the
Indian supreme court.
"The acquisition of Essar Steel is an important
strategic step for ArcelorMittal. India has long
been identified as an attractive market for our
company and we have been looking at suitable
opportunities to build a meaningful production
presence in the country for over a decade,"
said Lakshmi Mittal, chairman and CEO of
Lakshmi Mittal, CEO
ArcelorMittal.
of ArcelorMittal
Now, new production capabilities and technology development, certain to impact the
company's output of electrical steel as well as other products, are
beginning. Already, the new joint venture company is the leading
integrated flat carbon steel producer in India with a capacity of
around 8.5 million tons annually, producing a diversified range of
flat steel products including value-added lines such as electrical
steel.

and enhanced levels of profitability in the short to medium term.
The long-term ambition is to significantly scale up production
capabilities and establish a research and development centre at
Hazira, Gujarat, site of the company's main plant.
For more info, see www.amns.in

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September/October 2020 * Magnetics Business & Technology

21
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Magnetics Business & Technology - September/October 2020

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