Nippon Steel (TYO:5401) will invest $2 billion to $2.5 billion to modernize subsidiary U.S. Steel's Mon Valley Works in Pennsylvania, more than double its original $1 billion commitment, Nikkei Asia reported on Tuesday.
The investment will fund upgrades to aging equipment at the facility, which is the oldest in U.S. Steel's portfolio, according to the report.
Construction of a new hot strip mill at the Edgar Thomson Plant is scheduled to begin in the second half of this year and last about three years, the publication said.
The project is expected to support as many as 6,000 jobs at peak investment and deliver an economic impact of up to $1.7 billion, the report said.
Nippon Steel didn't immediately respond to a request fromfor comment.
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