Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Investments»Nippon Steel to make additional investment in US Steel’s mills
    Investments

    Nippon Steel to make additional investment in US Steel’s mills

    August 29, 20242 Mins Read


    TOKYO (Reuters) – Japan’s biggest steelmaker Nippon Steel said on Thursday it plans to make an additional investment of about $1.3 billion in U.S. Steel’s two mills as part of its pending acquisition of the U.S. company.

    The spending is on top of the $1.4 billion investment plan through 2026 already pledged as part of the takeover proposal, a company spokesperson said, adding some of the expenditures are expected to occur beyond 2027.

    The fresh spending plan includes at least $1 billion to increase the capacity for high-grade steel at Mon Valley Works in Pennsylvania and $0.3 billion to upgrade facilities to extend its production life at Gary Works in Indiana, Nippon Steel said.

    Nippon Steel, which clinched the $14.9 billion deal to buy U.S. Steel last December, has committed to spending at least $1.4 billion on maintenance and other capital investments in U.S. Steel’s existing facilities, though details have not been disclosed.

    Both steelmakers have received all regulatory approvals outside of the United States for the deal, but face political opposition, U.S. regulatory scrutiny and objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses.

    The investments are subject to the closing of the transaction and receipt of any necessary regulatory approvals, Nippon Steel said, adding detailed design and specification will be determined through further engineering studies.

    The world’s fourth-biggest steelmaker expects the acquisition deal to close in the second half of 2024.

    (Reporting by Yuka Obayashi; editing by Diane Craft)



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Selon un récent dépôt auprès de la SEC, Sei Investments Insider a vendu des actions pour une valeur de 12 006 823 dollars.

    Investments

    Un actionnaire de Skechers poursuit le fabricant de chaussures pour obtenir des détails sur le rachat de 9,4 milliards de dollars par 3G

    Investments

    Primorus Investments plc publie ses résultats pour l’exercice clos le 31 décembre 2024

    Investments

    Aberdeen Investments : Pruksa Iamthongthong nommée head of equities Asie-Pacifique

    Investments

    CPP Investments se retire d’Informatica par le biais d’une transaction avec Salesforce

    Investments

    Aberdeen Investments : nomination

    Investments
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    Charter Hall augmente encore sa participation dans Hotel Property Investments -Le 10 janvier 2025 à 01:26

    Cryptocurrency

    Top 3 Meme Coins To Stash For Meteoric Gains

    Precious Metal

    Barrick Quarterly Earnings Buoyed by Higher Prices

    Editors Picks

    Les Garçons Bouchers vont rendre hommage à François Hadji-Lazaro

    March 9, 2025

    Ready-made solution for your own business platform in automated cryptocurrency trading by Botflex

    February 27, 2025

    Milken-Motsepe Prize In FinTech Announces 10 Semifinalists ($1M)

    October 17, 2024

    524,701% Profit on Bitcoin Celebrated by Whale After 11.8 Years of Inactivity By U.Today

    July 27, 2024
    What's Hot

    Gold and other commodities markets can drive Hong Kong’s growth, finance chief says

    October 20, 2024

    Introducing Deborah Jones: The Newest Star at the London Art Exchange

    October 31, 2024

    Justin Bieber’s Houses: Inside the Real Estate Portfolio of the Singer and His Wife, Hailey

    August 22, 2024
    Our Picks

    FDACS Announces 2025 Florida Agricultural Hall of Fame Inductees

    October 23, 2024

    My brother has fallen victim to the retirement home transfer fee money grab | Property

    August 26, 2024

    Market Dynamics and Future Projections

    May 8, 2025
    Weekly Top

    Dividend & Stock Split: TCS, Tata Motors, Coforge Among Shares To Trade Ex-Date This Week

    May 31, 2025

    De Nantes à Clisson, les micros festivals de métal dans l’ombre du Hellfest

    May 31, 2025

    How To Put $100 In Your Retirement Fund Each Month With Cintas Stock

    May 31, 2025
    Editor's Pick

    President Trump Signs Executive Order To ‘Evaluate’ Strategic Bitcoin and Crypto Reserve, Ban Central Bank Digital Currency, Boost Stablecoins

    January 23, 2025

    XAU/USD looks primed for a correction from record highs

    October 21, 2024

    Agricultural Bank Of China approuve la nomination de Meng Fanjun en tant que vice-président exécutif de la banque -Le 14 février 2025 à 16:24

    February 14, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.