Market Chatter: Nippon Steel Plans $4 Billion U.S. Steel Mill With Electric Arc Furnaces By 2029

MT Newswires Live
Aug 29

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.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10