Asia Tech Wire (June 4) -- A new technology from a Japanese company will reduce the cost of manufacturing parts with three-dimensional (3D) printing technology by up to 30%, according to Nikkei.

Nippon Chuzo K.K., a subsidiary of Japan's JFE Steel Group, has developed technology that can reduce the manufacturing costs of metal machinery parts by 20% to 30% using 3D printers, the report said.

The company will use the technology to mass-produce parts for industrial machinery and other applications as early as 2024, and will also discuss the sale of technology licenses.