'India has a lot to grow in the next 30 to 40 years': Lakshmi Mittal sees next phase of growth for ArcelorMittal

India is set to become one of ArcelorMittal's most important growth markets over the coming decades as the country's steel demand continues to rise, Executive Chairman Lakshmi Mittal said, comparing India's current stage of development to where China was about 25 years ago.

Speaking during a podcast with Tim Bouquet, author of Cold Steel: Lakshmi Mittal and the Multi-Billion-Dollar Battle for a Global Empire, to mark the 20th anniversary of the ArcelorMittal merger, Mittal said India offers significant long-term opportunities for the world's largest steelmaker.

"India is obvious as our new target. India reminds me of China 25 years back... They have a lot to grow in the next 30 to 40 years. We will have a lot of opportunities to continue to grow in India," he said.

Mittal noted that India currently produces around 200 million tonnes of steel annually and has substantial room to expand production over the next three to four decades.

Gujarat expansion to double capacity

ArcelorMittal CEO Aditya Mittal said the company has steadily expanded its presence in India over the past two decades and is now scaling up its operations in Gujarat.

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"When ArcelorMittal was created, we didn't have any assets in India. Over the last 20 years, we've entered India and acquired a world-class coastal facility in Gujarat. It is an 8-million-tonne plant, and we are in the process of doubling its capacity. It will become one of the largest and most advanced coastal steel facilities in the world," he said.

The company sees India as one of its key long-term growth markets, alongside Brazil and the US.

Calls for a level playing field

Lakshmi Mittal also underlined the importance of ensuring fair competition for global steelmakers, particularly amid growing competition from China.

"China is in everyone's mind. We definitely need a level playing field, and that's what we are working with regulators and governments to achieve. If there is a level playing field, I believe we can outperform everyone," he said.

Aditya Mittal said governments across the US, Europe, India and other major markets increasingly view steel as a strategic industry that is critical for national security and resilient domestic supply chains.

"We are not a global company because we ship steel around the world. We are global because of our people, technology and knowledge. Operationally, we are regional suppliers serving customers close to where they operate," he said.

Innovation to remain at the core

Aditya Mittal said innovation will play a bigger role in the company's future than scale alone.

ArcelorMittal spends around $300 million annually on research and development, employs more than 2,300 researchers and scientists, and continues to develop advanced products for the automotive, renewable energy and electrical steel segments.

"The value that innovation creates far exceeds what size alone can deliver. Our scale allows us to invest heavily in R&D and accelerate new technologies across our global operations," he said.

Lakshmi Mittal added that technological leadership would remain central to the company's competitiveness as customers increasingly seek advanced steel products.

AI and robotics to transform steelmaking

Looking ahead, Lakshmi Mittal said artificial intelligence, robotics and digitalisation will reshape steel manufacturing over the next two decades.

"We have to digitalise our operations before we can fully leverage AI. Over the next 20 years, there will be much wider application of AI and robotics across steel plants," he said.

Aditya Mittal said AI, combined with ArcelorMittal's global manufacturing footprint and vast operational data, would help the company deploy innovations faster across markets.

Positioned for the next phase of growth

Reflecting on the company's journey since the landmark ArcelorMittal merger in 2006, both executives said the company had become stronger by navigating multiple global crises through innovation, operational excellence and talent development.

Aditya Mittal said the next phase of growth would be driven by India's industrial expansion, the global energy transition, rising demand for resilient domestic supply chains and AI-enabled manufacturing.

"We don't know what the defining story of the next 20 years will be, but we know we are well positioned for it because of our people, our innovation and our presence in the world's key growth markets," he said.