Japanese steel enterprises to increase budgets for equipment upgrade
The top two steel enterprises in Japan have announced that they would increase their budgets for equipment upgrade in the future. The total investment from the two enterprises would be approximately US$20 billion, and they would increase the metal production for electric vehicles at the same time.
The vice president of JFE Holdings, the second largest steel enterprise in Japan, said that it would invest US$6 billion in upgrading steel plant in the next three years, and Nippon Steel & Sumitomo Metal Corporation (NSSMC) also planned to increase its investment by 35% to 1 trillion 700 billion yen.
