ArcelorMittal recently announced that AMNS Luxembourg Holding S.A., the parent company of AM/NS India, the Company’s 60/40 steelmaking joint venture with Nippon Steel Corporation in India, has entered into a $5 billion loan agreement (JBIC co-financing loan) with the Japan Bank for International Cooperation (JBIC), MUFG Bank Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank, Ltd., Mizuho Bank Europe N.V..

The proceeds obtained through the JBIC co-financing loan will be used to finance the expansion of AM/NS India’s annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes. In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AM/NS India’s ability to produce value-added steels for sectors including defence, automotive and infrastructure. The expansion project, which started in October last year upon receipt of environment permition, will create more than 60,000 jobs.