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Reuters

Nippon Steel plans $16 billion domestic capex over next three years

Reuters
2018-03-02T06:35:29Z
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FILE PHOTO: A logo of Nippon Steel & Sumitomo Metal Corp is seen outside the company's headquarters in Tokyo February 7, 2014. REUTERS/Yuya Shino/File Photo
FILE PHOTO: A logo of Nippon Steel & Sumitomo Metal Corp is seen outside its headquarters in Tokyo Thomson Reuters

TOKYO (Reuters) - Nippon Steel & Sumitomo Metal Corp <5401.T>, Japan's biggest steelmaker, said on Friday it planned to earmark a total 1.7 trillion yen ($16 billion) for domestic capital spending over the next three years to upgrade and reinforce aging plants.

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That compares with the 1.26 trillion yen spent over the past three years, the company said, outlining its new business plan.

(Reporting by Yuka Obayashi; Editing by Chang-Ran Kim)

Read the original article on Reuters. Copyright 2018. Follow Reuters on Twitter.

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