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Nippon Steel India JV to receive $5bn in Japanese loans for expansion

JBIC joins financing, aims to bolster Japan in No. 2 steel market

A Nippon Steel plant in India. The company aims to boost capacity at its Hazira site to 15 million tonnes. (Photo courtesy of Nippon Steel)

TOKYO -- The government-backed Japan Bank for International Cooperation plans to finance the bulk of Nippon Steel's $5 billion capacity expansion at an Indian joint venture, seeking to support a Japanese company's efforts to expand its presence in the global supply chain.

AM/NS India, a joint venture between Nippon Steel and Luxembourg-based ArcelorMittal, is to receive $3 billion from JBIC, with the rest provided by MUFG Bank, Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank and Mizuho Bank.

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