NIPPON Steel Corp said Thursday it will invest $300 million in two plants run by the recently acquired United States Steel Corp, setting up a new recycling facility and expanding production via the introduction of new product lines in the key US market.
It will be the first investment from the $11 billion Nippon Steel pledged to pump into US Steel as agreed with President Donald Trump’s government under the $14.1 billion acquisition deal finalized in June.
The Japanese steelmaker said it will spend $100 million to enable slag recycling at US Steel’s Edgar Thomson plant, near Pittsburgh, Pennsylvania, and $200 million to improve the Gary Works hot strip mill in Gary, Indiana. “We will enhance the competitiveness of US Steel through implementation of specific investment projects and this will eventually lead to jobs being protected,” Nippon Steel President Tadashi Imai told reporters.
Kyodo
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