Bhubaneswar: Shri Hemant Sharma, Principal Secy, Industries dept, stated that ArcelorMittal-Nippon will set up a 3 MTPA capacity steel plant in Paradip to give a major boost to Odisha Government’s target of reaching 50% value addition on minerals by 2030.
The erstwhile promoter of Essar Steel had signed a MoU with Odisha government in 2005 for building a steel plant in Paradip, which could cost about Rs 12,000 crore.
“Original MoU with Essar Steel was for setting up of 3MTPA steel plant at Paradip in Odisha, it will give a major boost to our target of reaching 50 percent value addition on minerals in the state by 2030.”
The land for the plant is already with the company and talks are at a preliminary stage with ArcelorMittal Nippon, said Hemant Sharma, principal secretary, industry, Odisha government.
The takeover of the Essar Steel by ArcelorMittal-Nippon has given the company access to a developing market with 10MTPA steel-making capacity on the west coast Hazira, Gujarat.
It also has the advantage of a pellet plant, beneficiation plant and slurry pipeline in Odisha, which will give the company an edge on the east coast as well.