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Nippon Steel expects U.S. Steel to return as an earnings contributor in fiscal 2026 and says there is no need for capacity cuts, citing a firmer demand outlook in the United States. CFO Takahiko Iwai said the bigger task is fixing a high-cost structure built up over years of underinvestment—by improving productivity, upgrading facilities, and accelerating technology transfer rather than trimming output.
The company has deployed around 100 specialists to U.S. operations to share best practices and support operational upgrades. Iwai noted that capital spending is already helping performance, with the Big River 2 facility running close to full capacity and set to deliver a full-year impact next fiscal year after starting operations in late 2024.
Looking ahead, Nippon Steel is betting that stronger steel prices, a higher mix of value-added, high-margin products, and a multi-year investment plan will improve quality and cost competitiveness—aiming to build a more resilient earnings base even when the market cools. The company is also evaluating refinancing options tied to acquisition-related funding due in the coming months.
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