Japan Steel Giant Plans $700 Million ‘Green Steel’ Project (1)

Japan’s biggest steelmaker is considering a major investment in a green steel project powered by hydrogen as a global push to decarbonize one of the world’s most polluting industries gathers pace.

Nippon Steel Corp. is exploring a project outside its home market that may cost an estimated 100 billion yen ($733 million) or more, according to Takahiro Mori, executive vice president who oversees global operations. Australia and Brazil are among possible sites, where high-grade iron ore is accessible along with cheaper electricity than in Japan, he said in an interview.

Steel is one of the building blocks of the ...