New Delhi: India is set to become a key engine of global steel demand over the coming decades, driven by large-scale infrastructure development, urbanisation and investments linked to the energy transition, ArcelorMittal Executive Chairman Lakshmi Mittal said on Thursday.
Speaking ahead of ArcelorMittal's 20th anniversary on July 31, Mittal said the global steel industry was entering a new phase in which India is expected to play a role similar to that played by China over the past two decades.
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The last 20 years have been characterised by China's remarkable growth. Now it is India's turn, with massive infrastructure expansion, rapid urban housing growth and energy-transition infrastructure all on the cards, Mittal said in a video message to delegates attending the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York.
Reflecting on the merger of Mittal Steel and Arcelor in 2006, which created the world's largest steelmaker, Mittal said the combination had strengthened the company through greater scale, diversification and resilience, helping it navigate major global disruptions, including the global financial crisis and the COVID-19 pandemic.
"If I look back over the 20 years, I genuinely believe that the merger did indeed create a stronger company, benefiting from greater scale, diversification, resilience and strategic reach," he said.
He called the global financial crisis and the Covid pandemic black swan events.
"There have been events we did not anticipate. The aftershocks of the global financial crisis are still with us, and the fallout from Covid has been similarly dramatic. I am adamant, though, that we navigated these shocks better together than we could have done separately," he said.
Mittal noted that the steel industry has become significantly more global, technology-driven and data-intensive than it was two decades ago, with companies facing faster-moving markets and growing environmental and regulatory pressures.
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Despite ongoing challenges, he expressed confidence in the sector's long-term prospects, citing demand growth in emerging markets, infrastructure renewal in developed economies and investments linked to decarbonisation and the energy transition.
He also highlighted the increasing importance of domestic industrial policies in shaping steel markets and underscored the need to maintain a competitive and resilient steel industry.
"After 50 years in the steel industry, there is no place I would rather be," Mittal said, adding that while the industry would continue to face unforeseen challenges, its long-term fundamentals remained strong.
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