Eiji Hashimoto, Chairman and CEO of Japan’s Nippon Steel, revealed the company’s plan to double its steel production in the United States within three to five years in an interview with the Yomiuri Shimbun newspaper.
The company aims to achieve this growth by increasing production efficiency at US Steel, which Nippon Steel acquired in June of this year. As part of this strategy, Nippon Steel plans to invest $11 billion through 2028 to modernize US Steel’s aging infrastructure and production facilities.
The Japanese company also seeks to enhance the quality of US products by introducing advanced manufacturing technologies, including high-performance electrical steel sheets, which are particularly used in electric vehicle motors.
Regarding the US government’s “golden stake” in US Steel—which gives it veto power over key management decisions—Hashimoto confirmed he was not concerned, noting that the US administration’s drive to revive the manufacturing sector aligns with Nippon Steel’s vision and global strategy.
Nippon Steel also plans to increase its global steel production from the current 58 million tons to 100 million tons through expansions in several key markets. These expansions include its joint venture with ArcelorMittal in India, where one of the world’s largest steel mills is planned. It also plans to more than double the production capacity of US Steel’s facilities in Slovakia, along with new investments in Thailand.
These steps aim to strengthen the company’s position in the global market and position it as the world’s leading steel producer.
In a related context, Hashimoto expressed concern about the impact of cheap Chinese steel exports on global markets.
