Japan's Kyoei Steel to invest $230 mln in new U.S. factory, output upgrade
19/07/2024 06:55
TOKYO, July 19 (Reuters) - Japanese steelmaker Kyoei
Steel 5440.T plans to invest about $230 million to build a new
steel factory and upgrade existing rolling mills in the United
States, it said on Friday.
The new production capacity at the company's Texas-based
U.S. unit, Vinton Steel, should be 300,000 tons per year of
reinforced steel bars and steel balls, it said in a statement.
Construction is set to start in end-2024, with the target
start of operations in January 2027, it added.
(Reporting by Kantaro Komiya; Writing by Katya Golubkova;
Editing by Clarence Fernandez)
((jekaterina.golubkova@thomsonreuters.com;))