Bengaluru: As per news reports, leading steelmaker ArcelorMittal Nippon Steel India on Thursday (04 March) signed a Memorandum of Understanding (MoU) with the Odisha government to set up an integrated steel plant in Kendrapara district.

Reports added that the steel plant will be set up with an investment of Rs 50,000 crore.

Odisha Chief Minister Naveen Patnaik and CEO of ArcelorMittal Lakshmi N Mittal were present during the signing of the Memorandum of Understanding (MoU) at Lokaseva Bhavan here in Bhubaneswar, reports Odisha TV.

Carved out of the erstwhile District of Cuttack, Kendrapara District is situated in the Central Coastal plain zone of Odisha. The District is bounded by Bhadrak District at its North, Jajpur at its North West ,Jagatsinghpur District at its South, Cuttack District at its West and Bay of Bengal at its East.

A report from the World Steel Association states that India continues to be the second largest steel producer in the world for consecutive years now.

4.64 million tonnes (MT) of finished steel was exported from India between the months of April and June of 2020. China and Vietnam bought 1.3 MT and 1.37 MT of the same.