New Delhi: The Indian steel market has started showing signs of recovery after being hit hard by the COVID-19 pandemic and subsequent lockdowns, ArcelorMittal Nippon Steel India Chairman Aditya Mittal has said.
Aditya, son of steel baron LN Mittal, said that operations at ArcelorMittal Nippon Steel India’s (formerly Essar Steel) Hazira plant in Gujarat are running at full capacity.
He said that the COVID-19 pandemic severely disrupted domestic demand, in particular during the month of April; however, there is a recovery visible in the market.
“We are seeing the domestic market recover and that’s a reason why our operations are running at full capacity (at Hazira in Gujarat),” he said.
In December 2019, global steel giant ArcelorMittal announced acquisition of debt-laden Essar Steel and forming a joint venture AM/NS India with Japan-based
“The focus remains on the domestic market. (In India) per capita steel consumption is much lower than most of the other countries of the world. That is a key reason why we have made investment to be part of the growth of the Indian industry,” he said.
The coronavirus outbreak led to a fall in steel demand in domestic market and this forced major steel players to look to the export markets to sell their products as demand was low domestically.
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