ArcelorMittal, Nippon Steel India JV Gets $5 Billion Loan to Expand Capacity

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.

SEATTLE (Scrap Monster): 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.

Courtesy: www.marketscreener.com

• Panama President Sees No Environmental Threat from Copper at Closed First Quantum Mine
• Consumers Sue Exxon, Dow, Others over Plastic Recycling Claims
• VLS Environmental Solutions Announces Acquisition of Clearfield MMG in Virginia
• December 19, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index