By Adria Calatayud

ArcelorMittal said Friday that AMNS Luxembourg Holding SA, the parent company of its steelmaking joint venture with Nippon Steel Corp. in India, has entered into a $5 billion loan with a consortium of Japanese banks to expand production capacity.

ArcelorMittal said proceeds will be used to fund the expansion of the AM/NS India JV's annual steelmaking capacity at its Hazira plant in India to 15 million metric tons from 9 million tons.

The project, which started in October last year, will create more than 60,000 jobs and will also include downstream rolling and finishing facilities, ArcelorMittal said.

The company said the loan was cofinanced by Japan Bank for International Cooperation.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

March 31, 2023 01:41 ET (05:41 GMT)

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