Nippon Steel to Invest 6 T. Yen over 5 Years to FY 2030

Tokyo, Dec. 12 (Jiji Press)--Nippon Steel Corp. plans to invest 6 trillion yen in facilities and business in fiscal 2026-2030, including in United States Steel Corp., which was acquired by the Japanese steelmaker in June, according to its new management plan released Friday.

By fiscal 2030, Nippon Steel aims to raise its consolidated business profit, excluding items such as inventory valuation differences, to at least 1 trillion yen from the average of 770 billion yen projected for fiscal 2021-2025.

The new plan sets overseas business as the core of growth amid a prolonged steel market slump caused by falling demand in Japan and overproduction by Chinese steelmakers.

Of the total five-year investment, about 4 trillion yen will be allocated mainly to facilities and equipment at U.S. Steel and the expansion of production capacity in India. Nippon Steel hopes to increase its overseas business profit to 500 billion yen or more from 115 billion yen projected for fiscal 2025, including about 300 billion yen from U.S. operations, primarily U.S. Steel.

"We will focus on growth investments (abroad)," Nippon Steel President Tadashi Imai told a news conference in Tokyo on Friday.

[Copyright The Jiji Press, Ltd.]