Nippon Steel to Aim for 100-M.-Ton Crude Steel Production

Economy

Tokyo, Sept. 1 (Jiji Press)--Nippon Steel Corp. <5401> plans to raise its consolidated crude steel production to 100 million tons in the future to become the world's leading steelmaker, its president, Eiji Hashimoto, said Tuesday.

In talks with reporters, Hashimoto also cited the possibility of the major Japanese steelmaker reactivating in the latter half of fiscal 2020 a domestic blast furnace suspended due to the fallout of the novel coronavirus pandemic.

Nippon Steel currently has a consolidated crude steel production capacity of about 70 million tons, with around 75 pct of the capacity in Japan.

Hashimoto said that the firm will "expand overseas operations" by promoting business acquisitions in regions with high steel demand, such as India and Southeast Asia.

Meanwhile, Hashimoto predicted that crude steel production in Japan, including that at other steelmakers, will "not return to 100 million tons," adding that his company will not pursue further realignment in the domestic industry.

[Copyright The Jiji Press, Ltd.]

Jiji Press