Nippon Steel to spend $3 billion in US Steel plant equipment upgrade, Nikkei reports
The Nippon Steel logo is displayed at the company’s East Nippon Works Kimitsu Area plant in Kimitsu, east of Tokyo, Japan May 26, 2025. REUTERS/Issei Kato
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Oct 22 : Nippon Steel will invest about $3 billion in the U.S. Steel-operated Mon Valley works in Pennsylvania to upgrade the plant’s hot rolling facility, the Nikkei newspaper reported on Thursday.
The move is part of the Japanese steelmaker’s pledge to invest $11 billion in U.S. Steel by 2028, following its acquisition of the company in 2025.
Nippon Steel did not immediately respond to a Reuters request for comment outside regular business hours.
Mon Valley’s hot rolling equipment, which heats slabs of iron from blast furnaces and rolls them into thinner steel, has been in operation for about 90 years, Nikkei added.
The new equipment is set to enter operation in the second half of 2029, which would enable production of higher-quality steel, the report said.
Nippon Steel raised its fiscal 2026 earnings forecast in August, lifted by stronger U.S. Steel earnings and a firm steel market.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
