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India economic boom lures investment from Nippon Steel venture

Country aims to more than double production capacity by 2030

Nippon Steel is putting up two new blast furnaces at its steelworks in Gujarat. (Photo by Arata Shigeno)

TOKYO -- India's growing economy is attracting big investments from Japan's Nippon Steel and other steelmakers, who are hoping to cash in on the government's plans to boost steel production capacity 2.5-fold from 2015 levels to 300 million tonnes by 2030.

Nippon Steel and Europe's ArcelorMittal are expanding their joint steel plant in Hazira, a town in the state of Gujarat on India's west coast.

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