Chief Minister Naveen Patnaik and steel tycoon Lakshmi N Mittal were present during the signing of the Memorandum of Understanding at Lokaseva Bhavan.
The Union Minister laid emphasis on private investment and use of cutting age technology to make the steel internationally competitive.
AMSA was struggling in the beginning of 2020 when the government appealed to Mittal to reconsider plans to shed 1,000 jobs as part of cost-cutting measures.
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steel making facilities in 17 countries.
This has forced AM-NS, like other steel players, to be dependent on merchant mines in Odisha and hit by the transition which is taking place during the Covid pandemic.