Published By : 04 Jun 2015 |Published By : QYRESEARCH
The world’s leading steel and mining company, Arcelor Mittal, is focusing on building its global automotive steel franchise and working on its research and development capabilities. The company hosted an investor event in London for the same. The leading steel company recently signed an agreement with the Steel Authority of India regarding setting up an automotive joint venture in India. Also, the company has decided to invest strongly in its automotive steels finishing plant located in Spain, in order to meet the growing demand for innovative coatings in Southern Europe.
The investor meet in London witnessed discussions on automotive growth forecasts in the developed economies, driven by recovery in the European Union. Also, the demand from the emerging economies such as India, China, and Mexico was discussed which presents an opportunity for the steel giant’s automotive franchise business. In the meet, the automotive and R&D teams of Arcelor Mittal presented the opportunities and the challenges existing in the automotive sector across the globe. The automotive industry is focusing to make light weight vehicles to meet the challenging regulatory targets for fuel economy. Discussions regarding how the steel giant’s global presence can be used to address the growing trend of car manufacturers were made. According to Brian Aranha, who heads the global automotive and commercial co-ordination, the auto manufacturers are enquiring about the ability of steel to support the required weight-savings in vehicles to increase fuel efficiency. And this has made Arcelor to focus on innovative automotive steels for the future.