Posted on 16 Nov 2021
ArcelorMittal Nippon Steel India (AMNS) aims to manufacture speciality steel under the government-backed production linked incentive (PLI) scheme, Kallanish notes.
AMNS India says it will be manufacturing high-strength and coated steel, among the five categories listed under the PLI scheme. The other three categories include speciality rails, alloy steel products, steel wires and electrical steel. All the above grades are being imported into India for domestic use.
"Yes, we have planned our capacity expansion programme; the PLI scheme surely gives a boost and direction to it,” AMNS chief marketing officer Ranjan Dhar told local media. “At this stage, AMNS India is looking at high-strength and coated steel, and may look at expanding to other categories as well.”
“With the production of these categories of steel that require special technology, the company is looking to capture segment applications in solar, high-end automotive, critical high-strength applications like API, etc,” Dhar added.
The PLI scheme, with an investment outlay of INR 6,322 crore ($849.60 million), was notified by the Indian government on 22 October. The scheme aims to boost speciality steel production in India, aiming to attract fresh investments of about INR 40,000 crore and generate 525,000 new job opportunities.
AMNS India plans to use the support of its parent company, ArcelorMittal, on implementing technology to produce speciality steel. “There is hardly any technology or product which our parents ArcelorMittal & Nippon Steel don't have. AMNS has a natural advantage in this aspect,” Dhar concluded.
Source:Kallanish
