It was expected that India's demand for steel products will increase by 50-60 million tons in the next few years. To meet this demand, many steel groups closed their plants in Europe and opened plants in India. India's local production costs are lower than those in Europe, and it is more advantageous for steel groups to build factories close to consumer markets.
Under this situation, global steel giant ArcelorMittal decided to build the world's largest steelmaking plant in Hazira, Gujarat, western India.
This project will be put into operation in 2029. The annual production capacity of this plant is 24 million tons.
Source: YIEH
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