India to drive next phase of global steel demand, says Lakshmi Mittal as ArcelorMittal marks 20 years
New Delhi, June 19
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.
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.
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."
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
Reader Comments
Interesting perspective from Mr. Mittal. But I wonder how much of this "Indian demand" will actually benefit Indian steel companies versus foreign giants like ArcelorMittal. We need to ensure our own firms like Tata Steel and JSW are equally competitive.
As someone working in the construction sector, I can vouch for this. Even tier 2 cities like Nagpur and Coimbatore are seeing massive building boom. Steel prices have gone up but quality also improving. Good for the economy overall!
While the optimism is nice, let's not forget environmental costs. Steel production is incredibly carbon-intensive. If India becomes the next China in steel, we'll inherit similar pollution problems. Hope green steel technologies are prioritized alongside expansion.
Happy to see NRI success stories like Lakshmi Mittal. But wish our government also focused on reducing dependence on imported coking coal. We have the raw materials, we need better processing infrastructure. Make in India for steel! 🔥
Having worked in both Indian and Western steel markets, I can say this is accurate. India's urbanization rate is still below 35%, compared to 80%+ in the West. The growth runway is real. But quality standards need to match global benchmarks consistently.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.