In a statement, AM Mining India Pvt Ltd said it has “completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra.”
According to the statement, AM Mining India is part of ArcelorMittal and Nippon Steel joint venture (JV).
Uttam Galva Steels is a strategic addition to the JV which also operates ArcelorMittal Nippon Steel India (AM/NS India) in Gujarat.
The new asset has manufacturing facilities at Khopoli with an annual capacity of 1.2 Million Tonnes Per Annum (MTPA). The company has a wide basket of downstream value-added products, catering to various industries and distribution segments.
Commenting on behalf of the ArcelorMittal and Nippon Steel joint venture, Dilip Oommen, Executive vice president, CEO, AM/NS India, said: “I warmly welcome Uttam Galva Steels’ employees into the fold of the ArcelorMittal and Nippon Steel joint venture family. Together, we will embark on a journey of collaboration and excellence to produce smarter steels for our discerning customers.”
Luxembourg-based ArcelorMittal is the world’s leading steel and mining company, while Nippon Steel Corporation of Japan is one of the world’s leading integrated steel producers. PTI ABI HVA