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.
