ArcelorMittal to Pour ₹1 Trillion into Gujarat’s RE, Steel & Other Projects

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Luxembourgish multinational steel manufacturer ArcelorMittal is planning to invest Rs 1,00,000 crores in different projects in Gujarat, including its steel plant at Hazira near Surat, a Gujarat government release has said.

The release also added, ArcelorMittal Chairman Lakshmi Niwas Mittal along with the CEO of ArcelorMittal Nippon Steel India (AM/NS India), Dilip Oommen, recently called upon Gujarat Chief Minister Vijay Rupani at Gandhinagar.

During the meeting, Mittal “expressed his commitment to invest Rs 50,000 crore for the expansion of Hazira-based steel plant.”

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It is important to note that AM/NS India had taken over the steel plant from Essar in 2019 following an insolvency proceeding initiated by lender banks. According to the release, Mittal is also willing to invest another Rs 50,000 crore in solar energy, wind energy and hydrogen gas production in Gujarat.

So, in total, the group would invest Rs 1,00,000 crore in the near future in Gujarat, it said. Rupani welcomed the decision and assured to provide all necessary help, the release said.

In June this year, ArcelorMittal announced its initial investment of $10 million in US renewable energy technology company Heliogen, marking the completion of the steel producer’s first XCarb™ innovation fund investment since launching the initiative in March 2021.

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Heliogen’s technology will harness solar energy by using a field of mirrors which will act as a multi-acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat (HelioHeat™), electricity (HelioPower™) or clean fuels (HelioFuel™). The company aims to “unlock the power of sunlight to replace fossil fuels.”

As per the company’s recently released Climate Action Report, ArcelorMittal has set a new 2030 Group target to reduce CO2 emissions intensity by 25%.

“Steel is already the material of choice due to its lower carbon footprint and infinite recyclability. Crucially, as we decarbonise further, zero carbon-emissions steel has the potential to be the backbone of the buildings, infrastructure and transport systems that will enable governments, customers and investors to meet their net-zero commitments,” said Aditya Mittal, CEO ArcelorMittal, in the report.