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The company’s plan consists of four major strategies including the completion of the restructuring of the domestic steel business by 2025 strengthening group management, promoting a global strategy to expand overseas business, developing zero-carbon steel, and promoting digital transformation strategies.

The company stated that it will reduce the number of blast furnaces from 15 to 10. Regarding the overseas business, Nippon plans to expand ArcelorMittal Nippon Steel’s capacity, including the construction of a second steel mill. In Asia, particularly the ASEAN region, the acquisition of an integrated steel mill is also under consideration to increase its global crude steel capacity to 100 million mt from the current 70 million mt, as SteelOrbis previously reported. In addition, Nippon Steel aims to reduce carbon emissions by 30 percent compared to 2013 in 2030 and achieve carbon neutrality in 2050.

Meanwhile, the company stated that it expects its consolidated business profit for fiscal year 2021-22 to increase to JPY 800 billion.