- Nippon Steel expects its annual global crude steel production capacity to rise to at least 100 million metric tons by mid-2030s

ISTANBUL

Japanese steel firm Nippon Steel on Friday announced that it aims to invest approximately 6 trillion yen ($38.5 billion) globally over the next five years.

"In order to improve profitability by further strengthening our earnings base in Japan, and to dramatically increase profit by implementing our global growth strategy overseas, our plan is to make capital and business investments totaling 6 trillion yen over the next five years," the firm said in a statement.

The new investment plan aims to modernize blast furnaces and streamline certain business operations in response to declining domestic demand for iron and steel.

Meanwhile, the firm said it expects its annual global crude steel production capacity to rise to at least 100 million metric tons by mid-2030s from 82 million now, as it plans investment-driven expansion in its key growth markets.

In June, Nippon Steel closed a $15 billion deal to buy US Steel and pledged to invest $11 billion in the company, to be increased later, as it seeks to strengthen its presence in the US market amid weak steel demand in Japan.