ArcelorMittal plans Rs 18,697-crore capex for debt-laden Essar Steel

ArcelorMittal has said the capital expenditure plan of Rs 18,697 crore will be implemented over six years

ArcelorMittal’s resolution plan for Essar Steel, which is awaiting approval from the National Company Law Tribunal (NCLT), includes a capital expenditure plan of Rs 18,697 crore to take the finished steel goods capacity of the plant to 8.5 million tonnes by 2024.

In its annual report, ArcelorMittal has said the capital expenditure plan of Rs 18,697 crore (about $2.8 billion) will be implemented over six years. 

The first stage will involve investments to increase production of finished steel goods sustainably to 6.5 million tonnes per annum and completion of ongoing capital expenditure projects. It will also include implementation of ArcelorMittal’s