Financial Wire

Market Chatter: Nippon Steel Launches Electric Arc Furnace Project to Cut Emissions

-- Nippon Steel (TYO:5401) has broken ground on an electric arc furnace at its Yawata facility in Kyushu, Nikkei Asia reported on Thursday.

The 630.2 billion yen or $3.96 billion project, roughly 30% funded by government subsidies, will include a two-million-ton annual capacity furnace, a steel sheet plant, and on-site power generation, the publication said.

Despite the promise of cleaner production, uncertainties remain regarding the technology's substantial electricity consumption and the market's willingness to pay a premium for low-emission steel, the news daily said.

Scheduled to begin operations in the second half of fiscal 2029, the furnace represents a major shift for the 125-year-old Yawata steelworks, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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