Nippon Steel, Japan's largest steelmaker, announced plans on Thursday to invest an additional USD 1.3 billion in two U.S. Steel mills, as part of its ongoing acquisition of the American company. This new investment comes on top of the USD 1.4 billion in capital investments already planned through 2026 under the acquisition deal. According to a company spokesperson, some of the new expenditures are anticipated to extend beyond 2027.
The new spending plan includes at least USD 1 billion to boost high-grade steel production capacity at Mon Valley Works in Pennsylvania, and USD 300 million to upgrade facilities at Gary Works in Indiana to extend its production life. Nippon Steel, which secured the USD 14.9 billion deal to acquire U.S. Steel in December, has committed to at least USD 1.4 billion in maintenance and capital improvements at U.S. Steel's existing plants, although specific details have yet to be revealed.
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