Amid VSP Privatisation Protests, Arcelor Mittal Shows Interest in Acquiring Visakhapathnam Steel Plant

Private sector steel giant AMNS India (Arcelor Mittal Nippon Steel) seems to be showing interest in Vizag Steel Plant. Relevant sources said that is exploring the acquisition of VSP. However, the company has not officially confirmed this.  

AMNS on Thursday tweeted that Lakshmi Nivas Mittal, chairman of AMNS parent company ArcelorMittal, is meeting Union Finance Minister Nirmala Sitharaman. However, the details of the meeting were not disclosed.

In this context, the rumours of the company turning its focus on acquiring Vizag Steel has assumed significance.  Arcelor Mittal has a 60 per cent stake in AMNS India in Gujarat and Nippon Steel of Japan has a 40 per cent stake. Domestic steel major Tata Steel has already revealed that it is interested in Vizag Steel. 

Tata Steel CEO TV Narendran recently said that the acquisition of RINL on the East Coast would enable it to penetrate further into the Southeast Asian markets. The Cabinet Committee on Economic Affairs (CCEA) on January 27 approved in principle the sale of 100 per cent stake in Vizag Steel.

Meanwhile, the protests against privatisation of Vizag Steel Plant continues across the state with the AP government too urging the centre to drop the idea.