Lakshmi Mittal, an Indian-born billionaire, is contemplating plans to create a massive greenfield steel plant in Odisha, which is rich in natural resources. As per a statement released by the Odisha government, ArcelorMittal-Nippon Steel India (AM/NS India), a 60:40 partnership between the world’s leading steel company ArcelorMittal and Japan’s Nippon Steel, signed agreements with the state government on Thursday to build a 12 million tonne consolidated steel plant in the state’s Kendrapada district with an investment of Rs 50,000 crore. The signing of the agreement at Lokaseva Bhavan was witnessed by Mittal and chief minister Naveen Patnaik. After a lengthy phase, AM/NS India bought Essar Steel’s 9.6 million tonne Hazira plant for Rs 42,785 crore in December through the insolvency path. ArcelorMittal’s entrance into India’s conceivably fast-growing steel market was highlighted by the nation’s largest stressed-asset contract. Mittal scrapped a proposal to construct a 12 mtpa steel plant in Odisha in 2013 due to land ownership and iron-ore mining lease problems, after having signed an MoU with the Odisha administration in 2006. Steel prices have surged in Europe and reached a nearly 10-year peak in China, raising steelmakers’ profits following a difficult year in 2020. “Mittal said that he is delighted to work with the government of Odisha in establishing this integrated steel complex at Kendrapara, which is in addition to AM/other NS’s acquisitions in Odisha, along with the 6 MTPA pelletization plant in Paradeep, that will also be expanded to 12 MTPA, as well as the beneficiation complex in Keonjhar and the slurry pipeline, all of which are already operational,” the state government said. In February, AM/NS India won a lucrative bid for an iron ore mine in Odisha with approximate reserves of 180 million tonnes. According to reports, the firm also intends to increase the finished steelmaking capability at Hazira to 12-15 mtpa.