(News Bulletin 247) – ArcelorMittal announced on Friday that it had reached an agreement with four Japanese banks for a $5 billion line of financing for its joint venture with Nippon Steel in India.
The steelmaker explains that the funds are intended to increase the production capacity of the Hazira steelworks operated by AM/NS India, its joint venture with Nippon Steel, by increasing it from nine to 15 million tonnes per year.
The project also provides for the installation of a new rolling train and processing units to enable AM/NS to produce high value-added steels for the defence, automotive and infrastructure sectors.
This extension project, which started in October 2022, is expected to create more than 60,000 jobs.
This announcement comes as ArcelorMittal formalized yesterday the signing of a memorandum of understanding aimed at strengthening its cooperation with the Japanese Bank for International Cooperation (JBIC).
The five billion dollar syndicated loan comes from a banking pool led by JBIC which also includes MUFG Bank, Sumitomo and Mizuho.
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