ArcelorMittal Executive Chairman Lakshmi Mittal has stated that India is poised to drive the next phase of global steel demand, propelled by large-scale infrastructure projects, rapid urbanisation, and investments linked to the energy transition. The remarks come as the world's largest steel producer prepares to commemorate its 20th anniversary next month.
Key Remarks at Global Steel Dynamics Forum
Speaking at the World Steel Dynamics annual Global Steel Dynamics Forum 2026 in New York on Thursday, Mittal highlighted that the global steel industry is entering a new growth phase, with India emerging as a crucial 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.
Reflections on ArcelorMittal's 20-Year Journey
Ahead of ArcelorMittal's 20th anniversary on July 31, Mittal reflected on the merger of Mittal Steel and Arcelor, stating that the combination enabled the company to withstand some of the most significant 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.
Navigating Economic Shocks
Mittal noted that the company navigated major shocks, including the Global Financial Crisis and the COVID-19 pandemic, more effectively due to 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.
Industry Changes Since 2006
The steel magnate also highlighted significant changes 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."
Optimism for the Future
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.
