Nippon Steel said on Wednesday that AMNS, its Indian joint venture with ArcelorMittal, will spend 410 billion rupees ($5 billion) to build two blast furnaces and other facilities at its Hazira plant, doubling its crude steel capacity to about 6 million tonnes per year. AMNS is also considering building a new steel mill in eastern India.

Upon completion of the project, the Hazira plant is expected to increase its total capacity to 15 million tons/year. A spokesman for the company said it hoped to increase AMNS capacity to about 30 million tons by 2030.

The move is aimed at meeting India's growing steel demand and winning a market share of more than 15%.