Nippon Steel Plans $6 Billion Investment in Its Japanese Mills
Nippon Steel Corp., the Japanese company embroiled in lengthy battle to buy US Steel Corp., said it plans to spend 869 billion yen ($6 billion) at home to expand output from cleaner furnaces.
The investments in electric arc furnaces — which use scrap metal as a raw material — will be spread across three of the steelmakers' mills, and as much as 29% of the funding will come from the Japanese government, Nippon Steel said in a statement.
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