Nippon Steel Corporation published its Integrated Report 2026, outlining plans for approximately ¥6 trillion in capital and business investment over the 5 years from fiscal 2026 through fiscal 2030, and setting a target of at least ¥1 trillion in consolidated underlying profit for fiscal 2030. The company aims to grow its domestic and overseas businesses as twin pillars and strengthen initiatives following the acquisition of U.S. Steel.
On 7 October 2026, Nippon Steel Corporation published its Integrated Report 2026, presenting its domestic and overseas growth strategies based on its medium- to long-term management plan for fiscal 2030, as well as initiatives following the acquisition of U.S. Steel. The company plans to make total investment of approximately ¥6 trillion over 5 years and aims to achieve consolidated underlying profit of at least ¥1 trillion in fiscal 2030.
The target for underlying profit in fiscal 2030 is at least ¥500 billion each for the domestic and overseas businesses, with the expansion of overseas business profit positioned as the core of the strategy. The breakdown on a fiscal 2025 underlying-profit basis was ¥527.6 billion domestically and ¥122.8 billion overseas, and the company plans to expand overseas earnings power by approximately four times.
Supporting this growth strategy is the approximately ¥6 trillion investment planned for fiscal 2026–2030, a large-scale investment program following the approximately ¥7.5 trillion invested in the previous period. The company has presented a plan to allocate approximately 60% of the total to overseas operations.
The main focus of overseas investment is U.S. Steel, with approximately $11 billion in investment planned in the United States by the end of 2028. The company will modernize production facilities and expand supply capacity for high-value-added steel products, while pursuing local improvement initiatives through 66 challenges and 260 specific measures.
The company will also expand its businesses in India and Thailand, launching a Thailand project to strengthen the supply chain, while taking region-specific steps to counter low-priced steel imports from China and improve profitability. Financial targets for fiscal 2030 include ROE of 10%, a DE ratio of approximately 0.7 and Debt/EBITDA of no more than 3.5 times, alongside a goal of generating positive free cash flow.