U.S. Steel is rolling out an ambitious, multibillion-dollar modernization plan with its new parent company, Nippon Steel — a sweeping effort the companies say will transform one of America’s oldest manufacturers into a global leader in next-generation steel production.

According to The Associated Press, the plan, unveiled Tuesday, outlines more than $11 billion in upgrades by 2028 to modernize plants, expand research and development, and push for “higher value, lower emission” steelmaking.

It’s the first major initiative since Nippon Steel completed its $15 billion acquisition of the Pittsburgh-based steelmaker earlier this year, creating the world’s fourth-largest steel producer. As part of the deal, the federal government received a “golden share” — giving Washington oversight authority, including the power to appoint a board member and weigh in on key company decisions.

U.S. Steel CEO Dave Burritt said the modernization push is central to revitalizing American steel production and securing jobs across the country.

“We have a robust pipeline of growth projects, ranging from the modernization of our Gary (Indiana) Works Hot Strip Mill to the new slag recycler at Mon Valley Works (Pennsylvania) and the development of new product capabilities,” Burritt said.

The company estimates the upgrades will generate $2.5 billion in capital savings and another $500 million through operational efficiencies, driven by more than 200 identified cost-saving initiatives. Nearly 50 Nippon Steel specialists are working with U.S. Steel teams to implement the plan.

The company said the modernization effort is expected to “protect and create more than 100,000 jobs nationwide,” though it did not provide a breakdown of where those new roles will be located.

United Steelworkers International President David McCall called the plan a promising step — but urged the new leadership to keep workers at the center of its strategy.

“Since our first engagement with Nippon, we’ve been clear that investing in these workers and their facilities is the best use of the company’s resources,” McCall said. “As Nippon and U.S. Steel begin to lay out their vision, we encourage them to prioritize this skilled, union workforce — now and well into the future.”

With the Japanese steel giant’s backing, U.S. Steel says it hopes to position itself for another century of innovation — while proving that American manufacturing can compete on a global scale.