Stock Market News

Nippon Steel says India JV with ArcelorMittal to spend $5 billion to boost capacity

2022.09.28 03:57



© Reuters. FILE PHOTO: The logos of Nippon Steel Corp. are didplayed at the company headquarters in Tokyo, Japan March 18, 2019. Picture taken March 18, 2019. REUTERS/Yuka Obayashi/File Photo

TOKYO (Reuters) – An Indian joint venture of ArcelorMittal (NYSE:) and Nippon Steel will invest 410 billion rupees ($5 billion) to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday.

Their joint venture, AM/NS India, will build two blast furnaces, along with other facilities, in its Hazira plant in western India, with plans to start operations by early 2026.

The expansion is aimed at meeting growing steel demand in India and winning a bigger slice of the market.

The annual steel output capacity of the Hazira plant will increase to around 15 million tonnes after the expansion.

Takahiro Mori, executive vice president at Nippon Steel, told Reuters recently that it plans to almost double crude steel output capacity at the Hazira plant to secure more of the growing market.

($1 = 81.8950 Indian rupees)



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,681.17 0.95%
ethereum
Ethereum (ETH) $ 3,365.50 0.15%
tether
Tether (USDT) $ 1.00 0.09%
solana
Solana (SOL) $ 250.37 2.48%
bnb
BNB (BNB) $ 657.68 1.09%
xrp
XRP (XRP) $ 1.40 9.41%
dogecoin
Dogecoin (DOGE) $ 0.420655 10.36%
usd-coin
USDC (USDC) $ 1.00 0.07%
cardano
Cardano (ADA) $ 1.03 4.92%
staked-ether
Lido Staked Ether (STETH) $ 3,368.76 0.35%
tron
TRON (TRX) $ 0.209572 3.18%
stellar
Stellar (XLM) $ 0.555057 26.03%
avalanche-2
Avalanche (AVAX) $ 40.75 4.05%
the-open-network
Toncoin (TON) $ 6.12 7.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 5.46%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,987.47 0.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,439.11 1.01%
polkadot
Polkadot (DOT) $ 8.68 10.74%
chainlink
Chainlink (LINK) $ 16.95 0.42%
bitcoin-cash
Bitcoin Cash (BCH) $ 505.60 4.88%
weth
WETH (WETH) $ 3,362.28 0.09%
sui
Sui (SUI) $ 3.37 5.34%
pepe
Pepe (PEPE) $ 0.00002 6.44%
leo-token
LEO Token (LEO) $ 8.72 1.68%
near
NEAR Protocol (NEAR) $ 6.36 1.71%
litecoin
Litecoin (LTC) $ 97.27 5.54%
aptos
Aptos (APT) $ 12.18 3.12%
uniswap
Uniswap (UNI) $ 10.83 2.98%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,540.63 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.148183 1.27%
internet-computer
Internet Computer (ICP) $ 11.13 0.39%
usds
USDS (USDS) $ 1.01 0.62%
crypto-com-chain
Cronos (CRO) $ 0.191 0.48%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.553854 2.26%
ethereum-classic
Ethereum Classic (ETC) $ 28.70 3.02%
render-token
Render (RENDER) $ 7.77 0.24%
bittensor
Bittensor (TAO) $ 522.13 0.19%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 10.02%
kaspa
Kaspa (KAS) $ 0.149828 4.98%
whitebit
WhiteBIT Coin (WBT) $ 24.57 0.22%
dai
Dai (DAI) $ 1.00 0.08%
arbitrum
Arbitrum (ARB) $ 0.850128 2.71%
cosmos
Cosmos Hub (ATOM) $ 8.88 13.18%
vechain
VeChain (VET) $ 0.042092 3.26%
bonk
Bonk (BONK) $ 0.000045 11.08%
filecoin
Filecoin (FIL) $ 5.62 8.68%
mantra-dao
MANTRA (OM) $ 3.69 5.63%
okb
OKB (OKB) $ 53.52 4.65%
dogwifcoin
dogwifhat (WIF) $ 3.18 6.48%