Arcelor Mittal's steel manufacturing plant at Hazira in Gujarat, is likely to see the completion of the first phase by 2026. The second phase for which an MoU has been signed will be completed by 2029, Lakshmi Mittal, Chairperson, Arcelor Mittal, said on Wednesday.
Mittal was speaking at the inaugural session of the 10th edition of the Vibrant Gujarat Summit, which kicked off on Wednesday.
The Hazira expansion plan started in 2021. "The development in this regard is happening at a fast pace, and as targeted, its first phase completion will take place by 2026," he said.
"We signed a MoU for the second phase with the state government. When this project is completed, the 24 million-ton steel production will become one of the world's largest single-location sites," Mittal added.
The development seems significant considering that advanced high-strength steels are an important part of every vehicle design and manufacturing process. High-strength steel forms around 60% of total body structure in today's vehicles. The specialised steels are lighter as compared to conventional steels and therefore help
in optimising the design, safety, and efficiency of the vehicles.
"Not just steel; Arcelor Mittal is investing in other emerging segments like renewable energy and green hydrogen as well," he added.
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