NPSCY Nippon Steel Corporation (PK)

By Pierre Bertrand

The Indian joint venture between ArcelorMittal and Japan's Nippon Steel Corp., ArcelorMittal Nippon Steel India, said Thursday that it received environmental clearance to expand the crude steel production capacity of its plant in Hazira.

India's environmental ministry green-lit the plan, paving the way for the project to commence, ArcelorMittal Nippon Steel India said.

The expansion will increase annual production capacity to around 15 million metric tons from 9 million tons, the joint venture said.

The expansion of the plant on India's western coast will cost around $5 billion and is part of a larger investment strategy that includes the approximately $2.4 billion acquisition of Indian port and electric power assets from the Essar Group, according to Nippon Steel documents published in late September.

"This expansion will give a fillip to our next phase of growth, enabling us to meet the growing domestic market demand, while also equipping us to produce high-grade value-added steel," ArcelorMittal Nippon Steel India Chief Executive Dilip Oommen said.

ArcelorMittal Nippon Steel India was formed in 2019 after Nippon Steel and ArcelorMittal jointly acquired Essar Steel India Ltd. from the Essar Group, according to Nippon Steel.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 06, 2022 10:47 ET (14:47 GMT)

Nippon Steel (PK) (USOTC:NPSCY)
Historical Stock Chart
From Nov 2024 to Dec 2024

Nippon Steel (PK) (USOTC:NPSCY)
Historical Stock Chart
From Dec 2023 to Dec 2024