Nippon Steel to Invest $6 Billion to Cut Carbon Emissions
The Japanese steelmaker said Friday that it would invest 868.7 billion yen, equivalent to $6.02 billion, to establish three electric furnaces in Japan and that it expects the Japanese government to provide up to ¥251.4 billion in support.
Nippon Steel said the investment will increase production capacity by about 2.9 million tons a year, with operations scheduled to commence by the fiscal year starting April 2029.
The company said the conversion to electric arc furnaces from blast furnaces for steelmaking will significantly reduce CO2 emissions.
Electric arc furnaces melt steel scrap to make new steel products, while in a conventional blast furnace, coke made from coal is used for smelting iron ore.
The conversion to electric arc furnaces, though, will require substantial capital investment and lead to higher costs of raw materials and electricity, the company said.
Nippon Steel recently received conditional approval from President Trump to take control of U.S. Steel under what he described as a partnership.
Trump's announcement last week signaled that the Tokyo-based company could eventually enter the American steel market and make the big investments envisioned when it reached a $14.1 billion deal to take over U.S. Steel.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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