ArcelorMittal Nippon Steel India (AM/NS India) launched the alloy coated steel brand Magnelis on Wednesday, which the company said will act as an import-substitute. The main application for this steel will be in solar projects, the company said.
The firm, a joint venture (JV) between ArcelorMittal and Nippon Steel India, said that the brand is now being manufactured and distributed in India. Previously, this high-end value-added steel was imported mainly from Korea, Japan, and China.
“By producing this world-class, import-substitute steel; we are not only delivering quality infrastructure solutions but also contributing to accelerate India’s clean energy transition. Magnelis is the future of sustainable materials,” Dilip Oommen, CEO, AM/NS India, said.
Magnelis is an advanced alloy coated steel brand with a unique composition of zinc, aluminium. With this launch, the steelmaker aims to capture more than 50% of the domestic market share for steel supplied to solar projects. “The production of the new offering here is cutting down delivery time and drastically reducing logistics costs, thus providing domestic customers with a faster and more efficient solution for their infrastructure needs,” Ranjan Dhar, director and vice-president of sales and marketing, AM/NS India, said.
He added that the variant has contributed to 50 GW of installed capacity in global solar capacity and other use cases include road infrastructure (crash barriers), agriculture infrastructure (grain silos, farm equipment) and construction (pre-engineered building structures). AM/NS India has invested nearly Rs 1,000 crores to establish a production line for Magnelis® with a capacity of 5 lakh tonnes per annum at its flagship plant in Hazira, Gujarat, it said.
AM/NS India is already in advanced discussions to supply Magnelis® to key players in India’s renewable energy and infrastructure sectors, including Adani Green Energy, Reliance Industries and NTPC, the company said.
From: financialexpress
Financial News
