Mar. 31, 2023
Nippon Steel Corporation
On March 30, 2023, AMNS Luxembourg Holding S.A., the parent company of ArcelorMittal
Nippon Steel India Limited (“AM/NS India”), the joint venture that NIPPON STEEL CORPORATION
(“Nippon Steel”) and ArcelorMittal (“AM”) operates in India, 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. and Mizuho Bank Europe N.V..
The proceeds obtained through the JBIC co-financing loan will be used to finance part of the funds for new
construction and expansion of upstream, hot rolling and other facilities at AM/NS India, utilizing unused
land at the Hazira Steel Plant.
The steel market in India is expected to grow steadily with economic and population growth, while the
domestic production of steel, including upstream processes, is progressing under the Government of
India’s “Make in India” policy. AM/NS India is currently the fifth largest
producer of crude steel in India, and through these initiatives to expand its capacity, Nippon Steel aims
to capture the growing demand in the Indian market and secure its market presence.
In addition, this construction and expansion of the facilities will also serve to enable future transfer
of carbon-neutral technology, which is under development by Nippon Steel and AM.
[Outline of the construction and capacity expansion of upstream, hot rolling and other facilities at the Hazira steel mill (announced on September 28, 2022)]
