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

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.

That compares with the 1.26 trillion yen spent over the past three years, the company said, outlining its new business plan.