Nippon Steel announced on the 16th that it will invest approximately 900 million euros, or about 161 billion yen, in building an electric arc furnace and other facilities at its steel plant in Kosice, Slovakia. The company will install an electric furnace and an oxygen plant at the steelworks of US Steel Kosice, a subsidiary of US Steel. The electric furnace will have an annual production capacity of about 1.6 million tons and is scheduled to begin operation in 2030, while the oxygen plant is slated to start up in 2029. For this investment, a subsidy agreement has been signed with the Slovak government, and a total of 350 million euros in subsidies will be provided from the European Union's Modernisation Fund through the Slovak government. USSK became a direct subsidiary of Nippon Steel as of October 1 and will change its name to Nippon Steel Slovakia.
NIPPON STEEL CORP.Nippon Steel invests ~€900M in an electric arc furnace and oxygen plant at its Slovakian steelworks, with €350M in EU/Slovak subsidies.
