Latest news with #electricfurnaces
Japan Times
30-05-2025
- Business
- Japan Times
Nippon Steel to invest in electric furnaces with government support
Nippon Steel said Friday that it will invest ¥868.7 billion in introducing electric furnaces at its domestic steel plants, with support from the industry ministry. The ministry announced that it will provide up to ¥251.4 billion in aid for the company's changeover from blast furnaces. Since the steel-making process produces a large amount of carbon emissions, steelmakers are now taking measures to decarbonize, including replacing blast furnaces, which use coal and other substances to make steel, with electric furnaces. Nippon Steel aims to cut its carbon dioxide emissions by 30% in 2030 compared with levels in 2013, and realize net-zero emissions in 2050. The company is set to spend ¥630.2 billion in installing one electric furnace at its Kyushu Works' Yawata Area in Kitakyushu, ¥140 billion for adding one electric furnace at the Hirohata Area of its Setouchi Works in Himeji, Hyogo Prefecture, and ¥98.5 billion in renovating and restarting one existing electric furnace at its Yamaguchi Works in the city of Shunan, Yamaguchi Prefecture. After starting steel production by the second half of fiscal 2029, the three electric furnaces are expected to have a total annual output of 2.9 million tons.
Yahoo
30-05-2025
- Business
- Yahoo
Nippon Steel to spend $6 billion on decarbonisation efforts at three plants
TOKYO (Reuters) -Nippon Steel plans to invest nearly 870 billion yen ($6.05 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, the company said on Friday. Japan's government plans to subsidise as much as 251 billion yen of the steelmaker's decarbonisation efforts focused on the three plants by the 2029 fiscal year, Nippon Steel said in a statement. Following the investments, Nippon Steel will add around 2.9 million metric tons of new steel production capacity, it said. ($1 = 143.7300 yen) Sign in to access your portfolio
CNA
30-05-2025
- Business
- CNA
Nippon Steel to spend $6 billion on decarbonisation efforts at three plants
TOKYO :Nippon Steel plans to invest nearly 870 billion yen ($6.05 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, the company said on Friday. Japan's government plans to subsidise as much as 251 billion yen of the steelmaker's decarbonisation efforts focused on the three plants by the 2029 fiscal year, Nippon Steel said in a statement. Following the investments, Nippon Steel will add around 2.9 million metric tons of new steel production capacity, it said. ($1 = 143.7300 yen)
Reuters
30-05-2025
- Business
- Reuters
Nippon Steel will spend over $6 bln for decarbonisation efforts, NHK reports
TOKYO, May 30 (Reuters) - Nippon Steel (5401.T), opens new tab plans to invest over 860 billion yen ($5.98 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, public broadcaster NHK said on Friday. Japan's government plans to subsidise as much as 251 billion yen in support for the steelmaker's decarbonisation efforts, the report said. ($1 = 143.8900 yen)
CNA
30-05-2025
- Business
- CNA
Nippon Steel will spend over $6 billion for decarbonisation efforts, NHK reports
TOKYO :Nippon Steel plans to invest over 860 billion yen ($5.98 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, public broadcaster NHK said on Friday. Japan's government plans to subsidise as much as 251 billion yen in support for the steelmaker's decarbonisation efforts, the report said. ($1 = 143.8900 yen)
