The National Company Law Tribunal (NCLT) has approved the acquisition of steel processing company Indian Steel Corporation by steel manufacturer ArcelorMittal Nippon Steel (AM/NS).

In the automotive, construction, home appliance, and general engineering sectors, Indian Steel Corporation has a capacity of 600,000 tons per year and specializes in cold-rolled, galvanized, and color-coated steel products.

Last year, AM/NS also acquired Uttam Galva, with a capacity of 1.2 million tons per year of cold-rolled, color-coated, and galvanized steel processing. AM/NS expects to reach a capacity of 8.6 million tons by the end of 2024 and push apparent consumption of steel in India growth from 6% to 8% in 2023