News Steel

AMNS India plans Rs 100 crore capital infusion to set up three scrap processing centres


Gujarat-based AMNS India is planning to set up three scrap processing centres at a capital infusion of around Rs 100 crore. The company plans to set up two centres at Hazira and Ahmedabad in Gujarat, and one in Khopoli, Maharashtra, a company official said on Thursday.

ArcelorMittal Nippon Steel (AMNS) India is a 60:40 joint venture between Luxembourg-based global steel giant ArcelorMittal and Nippon Steel of Japan.

When asked about the timeline, the official said as per the plan submitted to the board of AMNS India, all the three centres are to be set up by 2024.

The company owns and operates a 9 million tonne (MT) plant at Hazira where it uses 3-5 per cent of scrap to manufacture steel.

AMNS India aims to increase its scrap mix-up to 9-10 per cent with the set up of the centres.

Earlier, Union Steel Minister Jyotiraditya Scindia said his ministry will push primary steel producers to use 50 per cent of their input from scrapped/recycled steel by 2047 to help achieve the government target of moving into a circular economy. Currently, the level of recycled steel usage in primary steel production is only around 10 per cent even though recycled steel contributes to 22.5 per cent of the domestic total steel production of 140 million tonnes, he said.


Source link