Steelmakers from South Korea, India, Japan and China were among the biggest laggards in the shift to renewables, with some still depending entirely on fossil fuels for production

The world's fourth largest steel-maker beat off rivals Cleveland-Cliffs and ArcelorMittal on bets it can benefit from US spending and tax incentives

The company currently faces many challenges, including lower demand for steel in China, market volatility triggered by war in Ukraine and a weak yen

Overseas markets are expected to recover after the lunar new year holiday and the Beijing Winter Olympics, Japan's top steelmaker said

Steelmaker has also filed suits against Toyota and Baoshan over its process under which motors can be rotated with less power by adjusting metal's composition and thickness