India’s ArcelorMittal-Nippon Steel Will Obtain A $5 Billion Mortgage From A Consortium Of Japanese Banks To Increase Manufacturing Ability in Hazira.

Luxembourg-based steelmaker ArcelorMittal said it had agreed a $5 billion deal with Japanese banks, including the Japan Bank for International Cooperation. The mortgage agreement will provide loans to a joint venture between ArcelorMittal Inc. and India’s Nippon Steel Co.

The agency will use the financing to expand the annual capacity of its Hazira metal plant from 9 million heaps to 15 million tonnes. In addition, the business will realize its potential to produce value-added metals for defense, automotive, infrastructure and other industries. The expansion, which began last October, will create more than 60,000 additional jobs.

In addition, ArcelorMittal and Cooper Bank have signed a memorandum of agreement to strengthen cooperation in metal fabrication and decarbonization. The parties shall cooperate under this Agreement.