The Nippon Steel logo is displayed at the company’s East Nippon Works Kimitsu Area plant in Kimitsu, east of Tokyo, Japan May 26, 2025. REUTERS
TOKYO, May 30 (Reuters) – Nippon Steel
plans to invest nearly 870 billion yen ($6.05 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, the company said on Friday.
Japan’s government plans to subsidise as much as 251 billion yen of the steelmaker’s decarbonisation efforts focused on the three plants by the 2029 fiscal year, Nippon Steel said in a statement.
Following the investments, Nippon Steel will add around 2.9 million metric tons of new steel production capacity, it said.
Reporting by Mariko Katsumura and Katya Golubkova; Editing by Christian Schmollinger and Jamie Freed