The Strategist

Japanese steelmaker Nippon Steel to buy US Steel



12/19/2023 - 09:39



Nippon Steel, the biggest steelmaker in Japan, has declared its intention to acquire US Steel, according to the NHK TV channel.



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Nippon Steel is the largest steel firm in Japan and the third-old in the US. The transaction between the two corporations will be worth $13.8 billion, or 2 trillion yen.

From April to September 2024, Nippon Steel will convert US Steel into a subsidiary with the approval of the American company's shareholders and management.

A straightforward mathematical sum of the two businesses' production volumes shows that the company will generate 58 million tons of steel following the acquisition, making it the third largest producer globally.

The U.S. steel market is seen as steady because it is concentrated on domestic consumption and is expected to expand. In addition to expecting more profits and a stronger position in the American market, Nippon Steel also hopes to progress the decarbonization process by gaining access to eco-friendly technologies.

source: nhk.or.jp

 




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