Nippon Steel outlines upgrades to two U.S. Steel mills amid buyout opposition

TOKYO -- Nippon Steel plans an additional $1.3 billion investment to upgrade two existing U.S. Steel plants as the Japanese company seeks to win support for a $14-billion takeover bid that faces opposition from U.S. unions and politicians.

Nippon Steel had announced in March $1.4 billion of additional investment in U.S. Steel through 2026, and according to the company, the $1.3 billion announced on Thursday is separate from the previous commitment, making the total additional commitment $2.7 billion. The new investment will continue beyond 2026.