ArcelorMittal SA and its Indian steelmaking joint venture partner, Nippon Steel Corp, have secured a $5 billion loan deal from a consortium of Japanese lenders. AM/NS India will utilise the loan to increase its steel production capacity at its Hazira plant in India from 9 million tonnes to 15 million tonnes. AM/NS India owns the Hazira plant, where ArcelorMittal has a 60% stake, and Nippon Steel has a 40% stake. The expansion project will also include the development of downstream rolling and finishing facilities, enabling value-added steel products for various sectors, including defence, automotive, and infrastructure. The project is expected to create more than 60,000 jobs. The Japanese banks providing the loan include Japan Bank for International Cooperation, MUFG Bank, Sumitomo Mitsui Banking Corp, Sumitomo Mitsui Trust Bank, Mizuho Bank, and Mizuho Bank Europe NV.