Nippon Steel Announces Global Investment Plan
"In order to improve profitability by further strengthening our earnings base in Japan, and to dramatically increase profit by implementing our global growth strategy overseas, our plan is to make capital and business investments totaling 6 trillion yen over the next five years," the company stated.
The investment initiative is designed to modernize blast furnaces and optimize certain operational processes, addressing the decline in domestic demand for iron and steel.
Nippon Steel also projects that its yearly global crude steel production capacity will increase to at least 100 million metric tons by the mid-2030s, up from the current 82 million, as it pursues growth-driven investments in strategic markets.
In June, Nippon Steel finalized a $15 billion acquisition of US Steel and committed to invest $11 billion in the company, with plans for further funding in the future. This move is part of its strategy to expand its footprint in the US market amid sluggish steel demand in Japan.
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