TOKYO (dpa-AFX) - Nippon Steel Corp. (NPSCY), a technology and manufacturing company, on Friday announced that it plans to achieve carbon neutrality using three key technologies by investing about 868.7 billion yen.
The investment is towards 'the conversion from the blast furnace steelmaking process to the electric arc furnace steelmaking process'
The facilities are expected to begin operations by fiscal year 2029.
The Japanese Government will support the project with up to 251.4 billion yen in funding.
The project is to construct, expand, and restart electric arc furnaces at three of its facilities, such as Kyushu Works in Yawata Area, Setouchi Works in Hirohata Area, and Yamaguchi Works or Shunan. Production capacities totalling around 2.9 million tons per year.
The key technologies are high-grade steel production in large electric arc furnaces, hydrogen-based direct reduced iron production, and hydrogen injection into blast furnaces.
The company aims to achieve carbon neutrality by the year 2025.
Nippon Steel is currently trading 0.76% higher at 2,910.50 Japanese yen on the Tokyo Stock Exchange.
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