According to Lakshmi Mittal, executive chairman of ArcelorMittal, India is poised to become a major player in the global steel market in the next decades due to massive urbanisation, investments in energy infrastructure, and other factors.
In an interview given just before ArcelorMittal’s 20th anniversary on July 31, Mittal predicted that India would follow China’s lead in the global steel sector. Incredible development in China during the past two decades is a defining feature of this country. According to Mittal, who spoke via video message to attendees at the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York, India is now poised to embark on a large infrastructure development, experience significant urban housing boom, and build energy-transition infrastructure.
When asked about the effects of the 2006 merger between Mittal Steel and Arcelor, which made the combined company the biggest steelmaker in the world, Mittal reflected on how the merger had made the company stronger by increasing its size, diversifying its revenue streams, and making it more resilient to big global shocks like the COVID-19 pandemic and the global financial crisis.Looking back on the past two decades, he is certain that the merger strengthened the organization through increased size, diversity, resilience, and strategic reach.
He referred to the worldwide economic downturn and the COVID-19 outbreak as “black swan events.”Things have happened that we weren’t expecting. We are still feeling the effects of the global financial crisis and the consequences of COVID-19 have been just as severe. “I am certain, though, that we were able to weather these storms more effectively as a unit than as individuals,” he declared.
Companies in the steel sector are now confronted with increasingly rapid market changes, increasing environmental and regulatory demands, and a data-intensive, globally-focused landscape, as pointed out by Mittal.
Image: Money Control
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