Lakshmi Mittal, Executive Chairman of ArcelorMittal, has identified India as a crucial growth market for the global steel giant over the next several decades. Mittal compared India's current stage of development to China's industrial trajectory approximately 25 years ago, predicting substantial opportunities for expansion.
Speaking during a podcast marking the 20th anniversary of the ArcelorMittal merger, Mittal noted India's current annual steel production of around 200 million tonnes, emphasizing the significant room for increased output over the coming 30 to 40 years.
Major Expansion in Gujarat Underway
Aditya Mittal, ArcelorMittal CEO, detailed the company's strategic investments in India. Having established a presence over the past two decades, ArcelorMittal is now scaling up operations in Gujarat.
"When ArcelorMittal was created, we didn't have any assets in India. Over the last 20 years, we've entered India and acquired a world-class coastal facility in Gujarat. It is an 8-million-tonne plant, and we are in the process of doubling its capacity. It will become one of the largest and most advanced coastal steel facilities in the world," Aditya Mittal stated.
This expansion will increase the plant's capacity to 16 million tonnes, solidifying India's position alongside Brazil and the US as one of ArcelorMittal's key long-term growth markets.
Ensuring Fair Competition and Innovation
Lakshmi Mittal also stressed the importance of a level playing field for global steelmakers, particularly in light of growing competition from China. He highlighted ongoing efforts with regulators and governments to ensure fair market conditions.
Innovation remains central to ArcelorMittal's strategy, with the company investing approximately $300 million annually in research and development. Over 2,300 researchers and scientists are focused on developing advanced products for sectors like automotive, renewable energy, and electrical steel.
AI and Robotics to Reshape Steelmaking
Looking ahead, both executives anticipate artificial intelligence, robotics, and digitalization will profoundly transform steel manufacturing within the next two decades. Lakshmi Mittal indicated a wider application of these technologies across steel plants as operations become increasingly digitalized. Aditya Mittal added that AI, combined with the company's global manufacturing footprint and data, would accelerate the deployment of innovations across markets.
Reflecting on the company's journey since 2006, the executives believe ArcelorMittal is well-positioned for future growth, driven by India's industrial expansion, the global energy transition, and advancements in AI-enabled manufacturing.