Latest news with #JFESteel
08-05-2025
- Business
JFE to Halt Blast Furnace in Western Japan in FY 2027
News from Japan Economy May 8, 2025 20:08 (JST) Tokyo, May 8 (Jiji Press)--JFE Steel Corp. will completely stop one of its three blast furnaces in operation in Fukuyama, Hiroshima Prefecture, western Japan, in fiscal 2027 to cut costs, its parent, JFE Holdings Inc., said Thursday. The move is aimed at helping JFE Steel streamline its domestic steel production, which is currently considered excessive, and shift its resources to growth areas such as decarbonization and foreign operations. JFE Steel will reduce its domestic crude steel production capacity from 26 million tons per year in fiscal 2024 to 21 million tons in fiscal 2027. The company will fully stop a blast furnace in Kurashiki in neighboring Okayama Prefecture in fiscal 2028 to convert it into the world's largest electric furnace. As a result, JFE Steel will have five blast furnaces and one electric furnace, as opposed to seven blast furnaces now. [Copyright The Jiji Press, Ltd.] Jiji Press
Reuters
10-04-2025
- Business
- Reuters
JFE to spend $2.26 bln to build large electric arc furnace in Japan
TOKYO, April 10 (Reuters) - JFE Steel, Japan's No. 2 steelmaker and a unit of JFE Holdings (5411.T), opens new tab, said on Thursday it will invest 329.4 billion yen ($2.26 billion) to build a large, advanced electric arc furnace (EAF) at its Kurashiki plant in western Japan. The move is part of efforts to reduce carbon dioxide (CO2) emissions and follows the government's approval on Wednesday for up to 104.5 billion yen in support for the project. Steelmaking, one of the most CO2-intensive industries, faces growing pressure to curb emissions to combat climate change. The new EAF, with an annual production capacity of about 2 million metric tons, is expected to begin operations in the April-June quarter of 2028. In 2023, JFE's top executive said the company was considering replacing the No.2 blast furnace at Kurashiki with a high-grade steel-producing EAF around 2027, when the unit is due for refurbishment. ($1 = 145.8600 yen)
