The steel industry of the United States will receive a much-needed boost as Japanese steel giant Nippon Steel Corp. will invest up to $2.5 billion in the Pennsylvania-based Mon Valley Works over the next three years, according to a news article by Jiji Press.
To put things in perspective, posted below is the excerpt from the Jiji Press news article. Some parts in boldface…
Nippon Steel Corp. plans to invest up to 2.5 billion dollars in United States Steel Corp.’s Mon Valley Works in Pennsylvania over the next three years, the U.S. steelmaker said Monday.
“The total investment may range from approximately 2 billion to 2.5 billion dollars, more than double the original commitment” of the Japanese steelmaker, which acquired U.S. Steel last year, the Pittsburgh-based company said.
The investment includes construction of a new hot strip mill, set to replace an 87-year-old facility to produce high-value steel products such as those used in automobiles, U.S. Steel said.
The U.S. steelmaker said that the investment would generate 1.7 billion dollars in economic impact and create up to 6,381 jobs in Pennsylvania over three years.
The investment will deliver “lasting benefits to Pennsylvania workers, businesses, and communities,” U.S. Steel said.
Let me end this piece by asking you readers: What is your reaction to this development? Do you think this major investment pledge by the Japanese steel giant will be economically beneficial to the steel workers, small businesses and local communities in the state of Pennsylvania? Do you think more Japanese investment in America will lift up the nation’s economy as long as the ties between US President Donald Trump and Japanese Prime Minister Takaichi Sanae remain strong?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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