The Andhra Pradesh Cabinet has granted the nod for the establishment of a Rs 1.35 lakh-crore ArcelorMittal Nippon Steel India (AM/NS India) steel plant, which will be developed in two phases. 

The 17.8-million-tonne steel plant is set to generate employment for 20,000 people by 2029.

Minister for Information, Public Relations, and Housing Kolusu Parthasarathy announced the decision following an e-Cabinet meeting, emphasising the government's focus on industrialisation and large-scale employment generation.

Key developments comprises Phase-I with a Rs 55,964-crore investment, 7.3 million tonne capacity, targeted for January 2029. Phase-II includes Rs 80,000 crore investment for 10.5 million tonne capacity, with completion expected by 2033. 

Approval has been granted for a 2.9 km waterfront captive port at DL Puram, Anakapalli district, as requested by AM/NS India.

The Cabinet approved the conversion of Vizag Steel Plant's (VSP) Rs 2,400 crore power bill into equity, helping the plant turn profitable in March 2025.