“By 2030, we will have at least 25-26 million tonnes. It could be a little more or less. It’s simple math: Hazira plus Rajayepeta,” he said. The 60:40 joint venture between Lakshmi Mittal-led ArcelorMittal and Japan’s Nippon Steel, which has a capacity of about 9 million tonnes per annum (mtpa), will ramp up capacity at its Hazira plant near Surat, Gujarat, to 15 mtpa by next year and 18 mtpa thereafter. It is also investing in an 8.2 mtpa greenfield plant at Rajayyapeta in Anakapalli district, Andhra Pradesh.Also Read | India may ease imports of specialty steel to address supply gaps It can commission these additional capacities at the earliest by 2030, Oommen said. Its long-term target is to reach a capacity of 40 mtpa in the country, with likely investments of ₹55,000-60,000 crore between 2025-26 and 2027-28, according to credit rating agency Crisil. AMNS’s peers have also set targets for 2030: JSW Steel has a target of 50mtpa, Tata Steel 40 mtpa, and SAIL, 35mtpa. At the end of FY25, these companies had capacities of 34.2mtpa, 26.6mtpa, and 20mtpa, respectively. Meanwhile, AMNS is strengthening its raw material and infrastructure base by expanding pellet-making capacity in Andhra Pradesh from 8 mtpa to 12 mtpa. Its capacity in Odisha stands at 12 mtpa, with slurry pipelines already in place at both locations. The firm is also investing in ports and mining assets to secure raw materials, alongside renewable energy projects targeting about 7 gigawatts (GW) of green power by 2032.Operational challengesAll this while Oommen acknowledged that the operating environment for steelmakers has become increasingly challenging, particularly in terms of costs. Low steel prices resulted in muted realizations for Indian steelmakers, even as the cost of iron ore, a key input, remains elevated. This is squeezing the margins of steel companies, not leaving enough to support the ongoing aggressive capacity expansion in the country’s steel sector, he said.Also Read | India slaps anti-dumping duty on Vietnamese steel—but the hit may be soft “If the input prices come down, the steel prices can be calibrated in such a way that we make a decent margin for our future expansion, and the user industry will also benefit from this. Inflation will be low, and the user industry will have steel at competitive prices,” Oommen said during the interview at the company’s offices in Mumbai’s Bandra-Kurla Complex. AMNS India meets much of its iron ore requirements, about 12 million tonnes a year, through captive mines. It also buys about 8 million tonnes from state-run iron ore producer NMDC Ltd. However, with upcoming capacity expansion, the firm’s exposure to non-captive sources of raw material may go up, analysts at Crisil noted in June. Its calls for cheaper iron ore prices are not isolated. 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ArcelorMittal’s India JV plans to nearly triple in size by 2030, defying iron ore cost challenges.
