MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank, Ltd., and Mizuho Bank Europe N.V. have all entered into a USD 5 billion loan agreement (JBIC co-financing loan) with the Japan Bank for International Cooperation (JBIC), the company's 60/40 steelmaking joint venture with Nippon Steel Corporation in India.
The JBIC co-financing loan's proceeds will be used to pay for the increase in yearly steel production capability at AM/NS India's Hazira plant from 9 million tons to 15 million tons.
The project also entails the development of downstream rolling and finishing facilities, which will improve AM/NS India's capability to create value-added steels for industries like defense, automotive, and infrastructure.
After receiving environmental approval, the extension project, which began in October of last year, will generate more than 60,000 employment.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only