Major steelmakers in Japan are stepping up investment in decarbonization efforts, amid concerns over the large amounts of carbon dioxide released during the production process.
JFE Holdings says in the current fiscal year through March, it's raising up to 210 billion yen, or about 1.4 billion dollars.
The company says it will raise roughly 820 million dollars by offering new shares, as well as selling its own stocks abroad.
JFE also plans to issue bonds worth a little over 600 million dollars.
Some of the funds will go into boosting production of electrical steel sheets used in motors for electric vehicles.
The company also plans to install what's called an electric arc furnace for production, which has a relatively small carbon footprint. It will be set up at the company's factory near Tokyo.
Meanwhile, Nippon Steel has issued green bonds for investing in environmental efforts.