Luxembourg-based steelmaker ArcelorMittal has announced that its joint venture with Nippon Steel Cooperation, India-based ArcelorMittal Nippon Steel Limited (AMNS), will receive $5 billion in a loan agreement with a consortium of Japanese banks including Japan Bank for International Cooperation.
The loan will be used to finance the expansion of the company’s annual steelmaking capacity at its Hazira plant from nine million mt to 15 million mt. In addition, the company will enhance its ability to produce value-added steels for sectors including defense, automotive and infrastructure. The expansion project, which started in October last year, will create more than 60,000 jobs.
Meanwhile, ArcelorMittal has also signed a memorandum of understanding with Japan Bank for International Cooperation to strengthen their partnership in steelmaking and decarbonization. With this agreement, the parties will be cooperating to develop business opportunities between ArcelorMittal and Japanese companies involved in steelmaking, including in low-carbon steelmaking technologies.