Nippon Steel plans to invest nearly 870 billion yen ($6.05 billion) to introduce electric furnaces at its three domestic plants to reduce carbon emissions, the company said on Friday. Japan's government plans to subsidise as much as 251 billion yen of the steelmaker's decarbonisation efforts focused on the three plants by the 2029 fiscal year,

Nippon Steel Corp., the Japanese company embroiled in lengthy battle to buy US Steel Corp., said it plans to spend 869 billion yen ($6 billion) at home to expand output from cleaner furnaces.

Nippon Steel, Japans largest steelmaker, announced plans to invest nearly 870 billion yen (approximately $6.05 billion) to install electric arc furnaces at three of its domestic plants by fiscal year 2029.