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)

(Reporting by Mariko Katsumura and Katya Golubkova; Editing by Christian Schmollinger and Jamie Freed)