ArcelorMittal recently welcomed Minister Chaudhary Birender Singh, Union Minister of Steel of the Government of India, Mr P. K. Singh, Chairman, SAIL and the Indian Government’s Joint Secretary Ministry of Steel, Mr Sunil Barthwal, to its London offices for discussions regarding the proposed USD 1B automotive steel joint venture (‘JV’) between ArcelorMittal and SAIL. Mr Lakshmi Mittal, Chairman and CEO, Mr Aditya Mittal, group CFO and CEO ArcelorMittal Europe and Mr Brian Aranha, Executive Vice President and head of global automotive, who is leading the joint venture discussions on behalf of ArcelorMittal, attended the meeting along with other members of senior management.
The proposed JV will construct world-class facilities for manufacturing automotive steel that will offer technologically advanced steel products for India’s rapidly growing automotive sector. The hot rolled input products for the proposed facility would be supplied by SAIL’s new state-of-the-art hot strip mill in Rourkela, Odisha, thus making the entire value chain indigenous. The project’s Joint Working Group, which was established following the signing of the MoU, has completed the major part of the project’s Feasibility Report.