Nippon Steel to Invest 3 B. Dollars in New U.S. Steel Hot-Strip Mill

New York, Oct. 22 (Jiji Press)--United States Steel Corp., acquired by Japan's Nippon Steel Corp., said Thursday it plans to invest about 3 billion dollars to build a hot-strip mill at its Mon Valley Works in Pennsylvania.

The project is expected to be the largest under Nippon Steel's commitment, made as part of its acquisition of U.S. Steel, to invest 11 billion dollars by 2028.

A hot-strip mill rolls steel slabs heated to high temperatures into thin sheets.

U.S. Steel aims to begin production at the new hot-strip mill in the second half of 2029, expanding output of automotive steel sheets, one of the areas in which Nippon Steel excels, and other products to bolster the U.S. company's competitiveness.

Nippon Steel had initially planned to invest up to 2.5 billion dollars in Mon Valley Works over three years. The projected cost has risen to reflect higher labor costs and inflation.

[Copyright The Jiji Press, Ltd.]