India is set to become the global leader in steel demand after two decades of significant growth in China, according to ArcelorMittal Executive Chairman Lakshmi Mittal. Speaking at the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York, Mittal said the growth will be driven by large-scale infrastructure development, rapid urbanisation and housing demand, and investments in energy transition infrastructure. As reported by The Economic Times, Mittal noted that operating in 2026 is very different from 2006, with markets moving faster, competition becoming more global, and companies expected to adapt in real time. "Even traditional industries like ours operate in a faster, more global, more data-driven, and more environmentally constrained world than they did in 2006," Mittal emphasized. The shift represents India's turn to play a role similar to that played by China over the past two decades, with massive infrastructure expansion, rapid urban housing growth and energy-transition infrastructure all on the cards.
Reflecting on the merger of Mittal Steel and Arcelor in 2006, which created the world's largest steelmaker, Mittal said the combination had strengthened the company through greater scale, diversification and resilience. In his video message to delegates at the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York, Mittal emphasized that the merger created a stronger company benefiting from greater scale, diversification, resilience and strategic reach. According to The Economic Times, Mittal called the global financial crisis and the COVID-19 pandemic black swan events, stating that there have been events they did not anticipate. He emphasized that the aftershocks of the global financial crisis are still with us, and the fallout from COVID has been similarly dramatic, but the company navigated these shocks better together than separately. "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," Mittal stated.
In India, ArcelorMittal is present through a joint venture with Nippon Steel–AM/NS India and operates a plant at Hazira in Gujarat. The company is also setting up an integrated steel plant in Andhra Pradesh, positioning itself for the anticipated growth in India's steel demand. As reported by The Economic Times, Mittal highlighted how the merger created a stronger, more resilient business with the scale, diversification and reach to navigate major global shifts--from the financial crisis to the Covid-19 pandemic to the rise of China's steel industry. This expansion reflects the company's confidence in India's emerging role as a key engine of global steel demand over the coming decades.
Mittal noted that the steel industry has become significantly more global, technology-driven and data-intensive than it was two decades ago, with companies facing faster-moving markets and growing environmental and regulatory pressures. Despite ongoing challenges, he expressed confidence in the sector's long-term prospects, citing demand growth in emerging markets, infrastructure renewal in developed economies and investments linked to decarbonisation and the energy transition. He also highlighted the increasing importance of domestic industrial policies in shaping steel markets and underscored the need to maintain a competitive and resilient steel industry. After 50 years in the steel industry, Mittal expressed confidence in the sector's long-term fundamentals, stating there is no place he would rather be. Speaking at the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York, Mittal emphasized the sector's resilience and adaptability in navigating global disruptions, with the company's ability to navigate major global disruptions demonstrating the strength of the combined entity and its strategic positioning for future growth opportunities.
