US Steel Approves $300 Million in Nippon Steel Spending
Japanese Company Promised $11 Billion Investment in American Firm as Part of Takeover Earlier This Year
[Stay on top of transportation news: .]
U.S. Steel approved a $300 million investment to upgrade some of its facilities, advancing part of an $11 billion commitment by Nippon Steel Corp. after its takeover of the storied American steelmaker earlier this year.
A new slag recycler will be installed at the Edgar Thomson Works in Pennsylvania for $100 million, while $200 million will go to improving the hot strip mill at the Gary Works in Indiana, U.S. Steel said in a Sept. 24 statement.
“The two projects represent only a fraction of the activity underway as part of Nippon Steel’s investments in U.S. Steel,” the American steelmaker said.
Japan’s Nippon Steel took control of U.S. Steel in June after a protracted takeover battle that drew the personal involvement of President Donald Trump. The Japanese firm pledged to invest $11 billion in the company among a number of conditions to win the administration’s approval.
Want more news? Listen to today's daily briefing belowor go here for more info:
