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

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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. 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 PhotoThat 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 KimOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters