Market Chatter: Nippon Steel to Build Electric Arc Furnace in US Steel Site in Slovakia

12:26 PM EDT, 09/16/2026 (MT Newswires) -- Nippon Steel is set to invest 900 million euros ($1.04 billion) in a new electric arc furnace in Slovakia, at the site of a steelworks owned by US Steel, which it acquired in 2025, Nikkei Asia reported Wednesday. The electric arc furnace is targeted to have an annual capacity of 1.6 million metric tons and is slated to start operations in 2030, according to the report. The furnace, which is backed by 350 million euros in investment subsidies from the Slovak government, will allow the Japanese company to supply Europe with green steel and help it gain market share in the continent, the report said. Nippon Steel did not immediately reply to a request for comment from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)