United States Steel announced Tuesday that it has a multiyear plan with new owner Nippon Steel to invest $11 billion into upgrading U.S. Steel’s facilities, according to the Associated Press.
The century-old steelmaker would modernize its facilities to “protect and create more than 100,000 jobs nationwide in the United States.”
Nippon Steel bought U.S. Steel in June for nearly $15 billion, making it the world’s fourth-largest steelmaker.
The investment is expected to arrive by the end of 2028. The company will unlock $2.5 billion in savings from capital investments and $500 million from operational efficiencies.
