Japanese steelmaker Nippon Steel has secured $775mn to fund its US-based joint venture (JV) with ArcelorMittal, AM/NS Calvert, in Alabama.
The JV plans to use these funds towards building a new electric arc furnace (EAF) for its steel manufacturing business in Alabama and boost its production capacity to support Nippon’s global expansion plans.
The Japan Bank of International Cooperation (JBIC), Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation have co-financed the loan.