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Nippon Steel May Sell Plants in US – Report

Steel News - Published on Thu, 15 Oct 2020

Image Source: Nippon Steel
Japan Times, citing a company source, reported that Nippon Steel Corp is considering selling off its two automotive steel plants in the US state of Indiana as part of global restructuring given a slump in demand amid the coronavirus pandemic. Source added that “Because its partner ArcelorMittal, which jointly owns a company running the two plants, has decided to sell its share to a US steel-maker, the leading Japanese steel-maker is thinking of following suit.”

With the COVID-19 pandemic dealing a fresh blow to an industry already struggling with fierce competition from Chinese rivals, Nippon Steel had already announced it will close a plant in Kure, Hiroshima Prefecture, by September 2023 to slash costs and improve profitability. The planned massive restructuring to cut back domestic output will result in a reduction of Nippon Steel’s annual output capacity by around 5 million tonnes

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Posted By : Yogender Pancholi on Thu, 15 Oct 2020
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