AMNS Luxembourg Signs $5 Bln Loan Agreement With Consortium Of Japanese Banks

(RTTNews) - AMNS Luxembourg Holding S.A. has signed a $5 billion loan agreement with consortium of Japanese banks, ArcelorMittal said in a statement.

AMNS Luxembourg, the parent company of AM/NS India, ArcelorMittal's60/40 steelmaking joint venture with Nippon Steel Corporation in India, reached the loan agreement with the Japan Bank for International Cooperation, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank, Ltd., Mizuho Bank Europe N.V.

According to ArcelorMittal, the proceeds obtained through the loan will be used to finance the expansion of AM/NS India's annual steelmaking capacity at its Hazira plant from 9 million tonnes to 15 million tonnes.

In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AM/NS India's ability to produce value-added steels for sectors including defence, automotive and infrastructure. The expansion project will create more than 60,000 jobs.