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▼ Nippon Steel To Invest $300 Mil To Strengthen U.S. Steel Production
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Nippon Steel Corp said Thursday it will invest $300 million in two plants run by the recently acquired United States Steel Corp, setting up a new recycling facility and expanding production via the introduction of new product lines in the key U.S. market.
It will be the first investment from the $11 billion Nippon Steel pledged to pump into U.S. Steel as agreed with President Donald Trump's government under the $14.1 billion acquisition deal finalized in June.
The Japanese steelmaker said it will spend $100 million to enable slag recycling at U.S. Steel's Edgar Thomson plant, near Pittsburgh, Pennsylvania, and $200 million to improve the Gary Works hot strip mill in Gary, Indiana.
"We will enhance the competitiveness of U.S. Steel through implementation of specific investment projects and this will eventually lead to jobs being protected," Nippon Steel President Tadashi Imai told reporters.
Meanwhile, local media reported last week that the U.S. government blocked a plan to halt a plant in Illinois, with the Trump administration holding a "golden share" giving it veto power over key management decisions.
Imai said there "can be different views" regarding the authority of the golden share, adding that the company sees the U.S. action as part of a policy to protect its domestic production base and jobs.
Nippon Steel, which aims to increase exports to Southeast Asia, India and other overseas markets to replace shrinking domestic demand, is looking to complete its $11 billion investment in U.S. Steel by 2028.
It will be the first investment from the $11 billion Nippon Steel pledged to pump into U.S. Steel as agreed with President Donald Trump's government under the $14.1 billion acquisition deal finalized in June.
The Japanese steelmaker said it will spend $100 million to enable slag recycling at U.S. Steel's Edgar Thomson plant, near Pittsburgh, Pennsylvania, and $200 million to improve the Gary Works hot strip mill in Gary, Indiana.
"We will enhance the competitiveness of U.S. Steel through implementation of specific investment projects and this will eventually lead to jobs being protected," Nippon Steel President Tadashi Imai told reporters.
Meanwhile, local media reported last week that the U.S. government blocked a plan to halt a plant in Illinois, with the Trump administration holding a "golden share" giving it veto power over key management decisions.
Imai said there "can be different views" regarding the authority of the golden share, adding that the company sees the U.S. action as part of a policy to protect its domestic production base and jobs.
Nippon Steel, which aims to increase exports to Southeast Asia, India and other overseas markets to replace shrinking domestic demand, is looking to complete its $11 billion investment in U.S. Steel by 2028.
- 26/9 18:22
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