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Japanese steel mills to spend billions to fend off Arcelor


TOKYO: Japan’s two biggest steelmakers expect to spend more than US$20bil in the next three years to revamp plants, expand production of high-quality metal for electric vehicles and boost operational efficiency to fend off rivals such as ArcelorMittal, Posco and producers in China.

JFE Holdings Inc, the second-largest, would shell out more than US$6bil over the period, executive vice-president Shinichi Okada said in an interview.

Japan Steel

   

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