Nippon Steel (TYO:5401) will invest about $4 billion in a new U.S. Steel plant set to start operations as early as 2029, Nikkei reported Friday.
The mill, which will use two electric arc furnaces to produce around 3 million tons of steel annually from scrap, is aimed at boosting efficiency and cutting emissions, according to the report.
A site will be chosen in 2025, with several U.S. states already showing interest. The investment is part of Nippon Steel's $11 billion commitment to U.S. Steel by 2028, following its acquisition in June, the report said.
Alongside the new project, Nippon Steel will also spend $3.1 billion to upgrade U.S. Steel's Gary Works blast furnace in Indiana and expand staffing. The company targets raising combined output with U.S. Steel to 100 million tons within a decade, according to the report.
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