ArcelorMittal’s Joint Venture with Nippon Steel Secures $5 Billion Loan for India Expansion

ArcelorMittal’s Joint Venture with Nippon Steel Secures $5 Billion Loan for India Expansion

(IN BRIEF) ArcelorMittal has announced that AMNS Luxembourg Holding S.A., the parent company of its steelmaking joint venture with Nippon Steel Corporation in India, has secured a $5 billion loan agreement with several banks including the Japan Bank for International Cooperation. The loan will be used to fund the expansion of AM/NS India’s annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes, which includes the development of downstream facilities to produce high-quality, value-added steels for sectors such as defence, automotive, and infrastructure. The project is expected to create over 60,000 jobs.

(PRESS RELEASE) LUXEMBOURG, 31-Mar-2023 — /EuropaWire/ — ArcelorMittal SA (AMS: MT), the world’s leading steel and mining company, has announced that AMNS Luxembourg Holding S.A., the parent company of AM/NS India, the 60/40 steelmaking joint venture with Nippon Steel Corporation in India, has entered into a $5 billion loan agreement with the Japan Bank for International Cooperation (JBIC), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank, Ltd., and Mizuho Bank Europe N.V.

The JBIC co-financing loan will be used to fund the expansion of AM/NS India’s annual steelmaking capacity from 9 million tonnes to 15 million tonnes at its Hazira plant. The project includes the development of downstream rolling and finishing facilities to enable AM/NS India to produce high-quality, value-added steels for sectors such as defence, automotive, and infrastructure. The expansion project, which began in October of last year after receiving environmental permitting, is expected to create over 60,000 jobs.

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ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59.0 million metric tonnes, while iron ore production reached 45.3 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

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