Japanese steelmakers JFE Steel and Nippon Steel Corporation have applied for government funding under Japan's "Green Transformation Promotion Act" to advance research and development efforts on decarbonizing their operations, according to media reports. The Japanese government is providing financial support to companies in key industries, including steel, starting this year, with total investments expected to reach approximately JPY 484 billion ($3.12 billion) over the next five years.
JFE Steel plans to use funding for a new large electric arc furnace to replace blast furnace No. 2 at its West Japan Works in Kurashiki. The EAF is scheduled to be commissioned between 2027 and 2028.
Meanwhile, Nippon Steel will also build new electric arc furnaces for the transition from the blast furnace route to large-scale EAF production at its Kyushu Works Yawata Area plant. In addition, the company also aims to expand EAF capacity at its Setouchi Works Hirohata Area.
Read more: Vietnam's steel imports up 41.7 percent in October from September
Vietnam Steel by Hoa Sen Group
