In his speech on Wednesday at the Vibrant Gujarat Summit, ArcelorMittal chairman Lakshmi Mittal emphasized the importance of the Hazira expansion, which Prime Minister Modi will inaugurate in 2021.
Phase one of the expansion is scheduled to be finished by 2026, according to Mittal’s ambitious schedule. With an impressive production capacity of 24 million tons, the expanded facility will become the largest steel plant in the world by the end of the second phase, which will be marked by the signing of a significant Memorandum of Understanding (MoU), which is anticipated to happen by 2029.
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Mittal praised the concepts, creativity, and process continuity rooted in the Vibrant Gujarat Global Summit while discussing the event’s institutionalized structure. Thinking back to his September visit of the previous year, he offered his insights on Prime Minister Modi’s inspiring theme for the summit, ‘One Earth, One Family, and One Future,’ projecting that it would greatly boost India’s prestige internationally.
“I had come here in September last year for Vibrant Gujarat. PM Modi then briefed us on how this mega-global event has institutionalized structure on the basis of ideas, imagination, and process continuity. The PM had then said that India’s pride will increase with the theme of ‘One Earth, One Family, and One Future’,” Mittal said.
Arcelormittal expressed excitement for the project and underlined how important it is to the global steel industry. He also emphasized Arcelor Mittal’s investments in green hydrogen and renewable energy in addition to steel.
ArcelorMittal’s Hazira expansion puts the company at the forefront of major players in the steel industry and is consistent with India’s commitment to industrial growth. As the Vibrant Gujarat Global Summit progresses, it provides a forum for business dealings and a stage on which business titans such as Lakshmi Mittal can demonstrate their dedication to the economic growth and international recognition of India.
Mittal’s positive comments during the summit highlight the optimism and confidence that permeate the minds of international investors and businesspeople attending this esteemed gathering. With its aggressive schedule and large capacity, the Hazira expansion represents a critical turning point in India’s industrial history and strengthens the nation’s standing as a major player in the world steel market.
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