TOKYO -- A joint venture between Nippon Steel and ArcelorMittal will spend roughly 140 billion yen ($1.1 billion) to build advanced steel processing lines in India, with the potential for expanding capacity further to tap the country's growing demand for steel.
The new lines will be installed at AM/NS India's Hazira plant, an integrated steelworks in the western state of Gujarat. They include a cold-rolling mill and a hot-dip galvanizing line, with a combined annual processing capacity of 2 million tons. Production is expected to start in 2024.
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