Joining hands with Japan’s Nippon Steel, NRI billionaire Laxmi N Mittal-led ArcelorMittal acquired Essar Steel through the insolvency route in December last year. The joint venture, AM/NS India, has plans to enter into manufacturing of long products. Dilip Oommen, AM/NS India CEO, and also president of Indian Steel Association (ISA) shares with Surya Sarathi Ray his views of the potential growth of the domestic steel industry and his company’s objectives. Edited excerpts:
How has Covid-19 impacted AM/NS’ India plans? What is your outlook on steel demand and price?
Covid-19 is an unprecedented global crisis. Even though the lockdown started on March 24, there was a quantum jump in performance in Q4FY20, year-on-year. The first quarter of 2020-21 has also been quite satisfying considering the pandemic, lockdown and slowdown in the economy. Since June, we are running at full capacity. Domestic demand is reviving with rural economy taking the lead. Domestic sales are certainly not a substitute for exports.
