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Nippon Steel to add 2 blast furnaces at Indian JV with ArcelorMittal

Additions part of $7bn expansion push with eye toward tripling capacity

Nippon Steel is trying to capture a heightened demand for steel in India expected to be fueled by a growing population and GDP.   © Reuters

TOKYO -- Nippon Steel will add two blast furnaces at a joint venture with ArcelorMittal in India as part of a $7.4 billion expansion push and broader plans to more than triple output capacity in the country.

ArcelorMittal Nippon Steel India will spend 410 billion rupees ($5.02 billion) to construct the twin blast furnaces at the Hazira steel mill in western India's Gujarat state, Nippon Steel said Wednesday. A single blast furnace is currently operational at the facility with the capacity to churn out 9 million metric tons of crude steel a year. The additions would raise that volume to around 15 million tons annually.

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