NPSCY - ArcelorMittal Nippon Steel India JV inks $5B loan deal to expand capacity

2023-03-31 09:28:39 ET

ArcelorMittal ( NYSE: MT ) said Friday its Indian steelmaking joint venture with Nippon Steel ( OTCPK:NISTF ) has entered into a $5B loan agreement with a consortium of Japanese banks to expand production capacity.

The company said it will use the proceeds to fund the expansion of the JV's steelmaking capacity at its Hazira plant in India to 15M metric tons/year from 9M tons/year currently.

In addition to the primary steelmaking expansion , the project will include the development of downstream rolling and finishing facilities to produce value-added steels for various sectors including defense, automotive and infrastructure.

Citing the recent sharp pullback in the stock, ArcelorMittal ( MT ) has been upgraded to Buy recently at UBS and Bank of America .

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