ArcelorMittal, Nippon Steel India JV Gets $5 Billion Loan to Expand Capacity
31 Mars 2023 - 7:56AM
Dow Jones News
By Adria Calatayud
ArcelorMittal said Friday that AMNS Luxembourg Holding SA, the
parent company of its steelmaking joint venture with Nippon Steel
Corp. in India, has entered into a $5 billion loan with a
consortium of Japanese banks to expand production capacity.
ArcelorMittal said proceeds will be used to fund the expansion
of the AM/NS India JV's annual steelmaking capacity at its Hazira
plant in India to 15 million metric tons from 9 million tons.
The project, which started in October last year, will create
more than 60,000 jobs and will also include downstream rolling and
finishing facilities, ArcelorMittal said.
The company said the loan was cofinanced by Japan Bank for
International Cooperation.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 31, 2023 01:41 ET (05:41 GMT)
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