Nippon Steel announced on Friday that it will invest nearly 870 billion yen (about $6.05 billion) to install electric furnaces at three of its steel plants in Japan.
This move aims to cut carbon emissions and support the company’s green goals.
The Japanese government plans to provide subsidies up to 251 billion yen to help fund these decarbonisation projects by the fiscal year 2029. Nippon Steel expects that, after the upgrades, its steel production capacity will increase by approximately 2.9 million metric tons.
This investment marks a significant step in Nippon Steel’s efforts to reduce its environmental impact and align with global sustainability trends.
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