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Commodities

Nippon Steel cuts capacity 20% for zero-carbon future

Reorganization to affect 10,000 workers as company pivots to green tech

A worker at a Nippon Steel collection facility in Tokyo. The Japanese steelmaker is looking to transfer affected workers to different operations after cutting thousands of jobs.   © Reuters

TOKYO -- Facing a protracted supply glut and environmental pressure, Nippon Steel will reduce production capacity by 20% under its new five-year plan, the company said Friday, a sweeping reorganization that will affect 10,000 workers. 

By slashing capacity, the Japanese steelmaker hopes to free up more resources to grow its business and develop green technologies as it plots its future in a changing industry.

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