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Loan Agreement entered into by AMNS Luxembourg Holding S.A.

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)]

  • Iron making process: Two blast furnaces, two sintering facilities, three coke ovens, etc.
  • Steelmaking process: Three basic oxygen furnaces, two continuous casting machines, etc.
  • Hot process: One hot strip mill, etc.
  • Increase in capacity: approximately 6 million tons/year in crude steel production capacity
    (Crude steel production capacity of Hazira steel mill after the expansion: approximately 15 million tons/year)
  • Start of operation—Phase I: Second half of 2025 (No. 2 blast furnace and related facilities, new steelmaking and new hot-rolling facilities)
                                Phase II: First half of 2026 (No. 3 blast furnace and related facilities)
  • Investment amount: Approximately INR 410 billion (approx. 730 billion yen)
For inquiries
Public Relations Center  Tel.: +81-3-6867-2977, 2135, 2146, 3419

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