Nippon Steel Corporation announced additional investments in Mon Valley Works and Gary Works as part of its pending acquisition of United States Steel Corporation (U.S. Steel). These investments are in addition to the USD 1.4 bln already pledged through 2026.
The new plan includes at least USD 1 bln to replace or upgrade the hot strip mill and other facilities at Mon Valley Works, aiming to enhance yield, energy efficiency, product quality, and overall operating effectiveness. Additionally, Nippon Steel will invest approximately USD 300 mln to revamp Blast Furnace #14 at Gary Works, extending its operational life by up to 20 years.
These investments are contingent on the closing of the transaction and necessary regulatory approvals, with Nippon Steel expecting the deal to finalize in the second half of 2024.
