According to local news reports, Japanese steelmaker JFE Holdings Inc. will accelerate its decarbonization process by issuing new shares and corporate bonds.
Accordingly, the company plans to raise JPY 211.5 billion ($1.44 billion) of funding in total through issuance. This way, it will increase the capacity of high-performance electrical steel sheets for electric vehicles (EVs) at its West Japan Works. Electrical steel sheets are important in terms of decreasing energy losses and extending the driving range of EVs. JFE is also considering using a certain amount of these funds to build new electric arc furnaces for stainless steel facilities at its East Japan Works.
The company will need about JPY 1 trillion ($6.79 billion) to achieve its aim to cut carbon emissions by at least 30 percent by the fiscal year 2030.