TOKYO -- Nippon Steel and ArcelorMittal will more than double the steel production capacity of their Indian subsidiary to 23 million tons a year by the 2030s, looking to expand their foothold in a promising market.
The expansion plan, involving fresh investments and acquisitions, far outstrips an increase to between 12 million tons and 15 million tons that the two steelmakers cited when they acquired Essar Steel India late last year. The company, since renamed AM/NS India, currently can produce about 9.6 million tons of steel products a year.
