Japan’s government will give companies $2.5 billion to help boost steel industry

Japan’s National Diet has agreed to give companies a massive $2 billion grant to help revive the country’s steel industry.

The package, announced Tuesday, will be made up of loans to help businesses get back on their feet and expand production, according to the Diet’s website.

The funds will be given to companies in industries ranging from cement to glass to solar-power and electric cars, the Diet said.

In total, the government will pay out $2,500 to each company for every ton of steel that it manufactures.

About $1 billion in loans will be granted to firms with over 100 employees, according the announcement.

The rest will go to those with a total of 30 employees or fewer.

The government also said it would invest up to $100 million in the construction of new factories, with $60 million going to the construction and operation of the steel mills.

“The Japanese economy will continue to prosper, thanks to the strength of the domestic industry,” Prime Minister Shinzo Abe said at a news conference.

“I will work to strengthen our domestic industry, while taking care to protect the competitiveness of our exports.”

Earlier this month, Japanese authorities froze a $1.4 billion loan from the U.S. to help support the countrys steel industry in a crisis.