403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Nippon Steel Announces Global Investment Plan
(MENAFN) Japanese steel manufacturer Nippon Steel revealed on Friday its intention to allocate roughly 6 trillion yen ($38.5 billion) worldwide over the next five years.
"In order to improve profitability by further strengthening our earnings base in Japan, and to dramatically increase profit by implementing our global growth strategy overseas, our plan is to make capital and business investments totaling 6 trillion yen over the next five years," the company stated.
The investment initiative is designed to modernize blast furnaces and optimize certain operational processes, addressing the decline in domestic demand for iron and steel.
Nippon Steel also projects that its yearly global crude steel production capacity will increase to at least 100 million metric tons by the mid-2030s, up from the current 82 million, as it pursues growth-driven investments in strategic markets.
In June, Nippon Steel finalized a $15 billion acquisition of US Steel and committed to invest $11 billion in the company, with plans for further funding in the future. This move is part of its strategy to expand its footprint in the US market amid sluggish steel demand in Japan.
"In order to improve profitability by further strengthening our earnings base in Japan, and to dramatically increase profit by implementing our global growth strategy overseas, our plan is to make capital and business investments totaling 6 trillion yen over the next five years," the company stated.
The investment initiative is designed to modernize blast furnaces and optimize certain operational processes, addressing the decline in domestic demand for iron and steel.
Nippon Steel also projects that its yearly global crude steel production capacity will increase to at least 100 million metric tons by the mid-2030s, up from the current 82 million, as it pursues growth-driven investments in strategic markets.
In June, Nippon Steel finalized a $15 billion acquisition of US Steel and committed to invest $11 billion in the company, with plans for further funding in the future. This move is part of its strategy to expand its footprint in the US market amid sluggish steel demand in Japan.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment