ArcelorMittal chief L N Mittal on Tuesday called on Union Steel Minister Dharmendra Pradhan and discussed ways to boost domestic steel consumption and make the sector more competitive. Pradhan in a tweet said that they had discussion on driving domestic steel demand and making the Indian industry more vibrant among other issues.
“Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman & CEO of ArcelorMittal @ArcelorMittal. We had good discussions on sustainable energy, driving domestic steel demand, boosting steel consumption and making our steel and oil & gas industry more vibrant and competitive,” Pradhan tweeted.
This was the second meeting between Mittal and Pradhan since December 2019.
ArcelorMittal made its foray into the Indian market by acquiring Essar Steel in December 2019 through insolvency process. ArcelorMittal has set up a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate Essar Steel. ArcelorMittal holds 60 per cent in the JV.
The global steel major had also entered into an MoU with state-run SAIL in 2015 for setting a high-end automotive steel plant under a joint venture in the country. A SAIL official said that the steel PSU had received no response from the global steel company over the plans to set up a joint plant.
ArcelorMittal had earlier said that it needs time as it was busy with Essar Steel. In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with ArcelorMittal for manufacturing high-end automotive steel.