Nippon Steel announced that it will invest about 1 trillion yen through a joint venture to significantly increase production in India.
While demand in Japan is shrinking, we will expand investment in India, where growth is expected.
According to the announcement, Nippon Steel will increase the production capacity of its local steel mills in an Indian joint venture with world giant ArcelorMittal.
We plan to invest a total of 1.7 trillion yen to construct two new blast furnaces, which will be put into operation in stages from the second half of 2025.
India's population is expected to overtake China next year to become the world's largest, and high economic growth is expected in the future.
On the other hand, domestic crude steel production in Japan last year decreased by about 20% from the peak in 2007, and demand is expected to continue to decline.
Nippon Steel plans to increase the global production volume of the entire group by approximately 10% through this project in India.
At an online press conference, Vice President Hiroshi Moritaka said, "We would like to consider further expansion in response to the growing demand for steel in India," and indicated the possibility of making additional investments in the future.