Modernizing Facilities Across All Business Divisions by 2028
US Steel: "Creating 100,000 Jobs in the United States"
US Steel, which was acquired by Nippon Steel, announced on the 4th (local time) that it will invest $11 billion (approximately 15.9 trillion won) to upgrade its facilities.
People are passing in front of the headquarters of Nippon Steel, Japan's largest steel company. Photo by AFP
According to the Associated Press, US Steel, together with its new parent company Nippon Steel, unveiled a growth plan on this day to invest $11 billion across all business divisions by 2028, modernizing its steelmaking facilities that are over a century old.
This announcement comes just five months after Nippon Steel completed its historic partnership to acquire US Steel, headquartered in Pittsburgh, for about $15 billion (approximately 21.7 trillion won).
US Steel aims to save $2.5 billion (about 3.6 trillion won) through this investment and an additional $500 million (about 720 billion won) by streamlining operations. The company also explained that it received support from about 50 experts from Nippon Steel and identified around 200 cost-saving measures across all business divisions.
The company plans to establish a high-value-added, low-carbon steel production system by modernizing and expanding manufacturing facilities and enhancing research and development. According to Japan’s Nihon Keizai Shimbun (Nikkei), Nippon Steel will first install new production facilities at US Steel’s Arkansas plant, aiming to mass-produce advanced steel products used in data centers and other applications in the United States after 2028.
Dave Burritt, CEO of US Steel, said, “We are pursuing a very solid growth project,” adding, “Through this, we will protect and newly create more than 100,000 jobs across the United States.”
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