Nippon Steel raises investment pledge for US Steel to win US approval
Nippon Steel to invest US$4 billion for new US Steel mill in US$14 billion package, document says
Nippon Steel plans to invest US$14 billion in US Steel’s operations, including up to US$4 billion in a new steel mill, if the Trump administration approves its bid for the iconic US company, according to a document and two people familiar with the matter.
Under details of the plan included in the document, the company will plough US$11 billion into US Steel’s infrastructure until the end of 2028.
That includes US$1 billion in a green field site, which is expected to grow by US$3 billion over the following years and has not been previously reported. The total investment figure was previously reported by finance website CTFN.
The companies face a May 21 deadline for the completion of a fresh national security review of their proposed tie-up, which was blocked by Biden on national security grounds in January following an earlier review.
