India to power next phase of global steel demand, says Lakshmi Mittal

ArcelorMittal's Lakshmi Mittal says India will drive the next phase of global steel demand, fueled by massive infrastructure, urbanisation, and energy transition projects, as the company marks its 20th anniversary.

ArcelorMittal Executive Chairman Lakshmi Mittal has said India is set to power the next phase of global steel demand, driven by large-scale infrastructure development, rapid urbanisation and investments linked to the energy transition, as the world's largest steel producer prepares to mark its 20th anniversary next month.

Speaking at the World Steel Dynamics annual Global Steel Dynamics Forum 2026 in New York on Thursday, Mittal said the global steel industry is entering a new phase of growth with India emerging as a key demand driver after two decades dominated by China's expansion. "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 delivered to attendees at the forum.

ArcelorMittal's 20th Anniversary and Resilience

Ahead of ArcelorMittal's 20th anniversary on July 31, Mittal reflected on the merger of Mittal Steel and Arcelor and said the combination had helped the company withstand some of the biggest economic disruptions of the past two decades. "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.

Mittal noted that the company had navigated major shocks, including the Global Financial Crisis and the COVID-19 pandemic, more effectively because of its scale and global presence. "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.

Evolving Industry Landscape

The steel magnate also highlighted the significant changes that have taken place across the industry since 2006, pointing to faster-moving markets, technological advancements and growing environmental expectations. "Today markets move faster, competition is more global, technology changes constantly, and companies are expected to adapt in real time," Mittal said. "Even traditional industries like ours operate in a faster, more global, more data-driven, and more environmentally constrained world than they did in 2006."

Optimistic Future Outlook

Despite ongoing challenges, Mittal expressed confidence in the long-term outlook for the steel industry, citing growth in emerging markets, infrastructure investment and supportive industrial policies. "There are plenty of reasons to remain optimistic and excited about the future. I have no doubt that we will continue to face plenty of challenges and unexpected events," he said. (ANI)

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