Japan's leading steel producers Nippon Steel, JFE Holdings and Kobe Steel plan to make a total capital investment of 985 billion yen in fiscal 2024, an increase of 8% from the previous fiscal year. These investments will reach a four-year high.
Nippon Steel will increase its investments by 4.9% to 480 billion yen, JFE Holdings by 12.7% to 390 billion yen and Kobe Steel by 9.3% to 115 billion yen. The companies will continue these investments to improve the competitiveness of products at their local plants.
Nippon Steel plans to upgrade the HRC mill at Nagoya Works and start up the new hot strip rolling mill from fiscal 2026. Efforts are also underway to strengthen production capacities to meet demand for high-quality electrical steel sheet. Nippon Steel is gradually strengthening production facilities at Kyushu Works Yawata District and Setouchi Works Hirohata District, while JFE Steel is progressing in the process at West Japan Works Kurashiki District.
Going forward, investments in carbon reduction are expected to increase, with Nippon Steel planning to replace its blast furnace in the Yawata District with an electric arc furnace. JFE Steel, on the other hand, is considering replacing one of its three blast furnaces in the West Japan Works Kurashiki District with an electric arc furnace and aims to put it into operation from fiscal 2027.
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