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Nippon Steel Unveils 100 Million Tonne Vision

Steel News - Published on Wed, 02 Sep 2020

Image Source: Nippon Steel
Reuters reported that Japan’s top steelmaker Nippon Steel Corp is seeking overseas mergers and acquisitions but not for further M&A deals at home. Nippon Steel president Mr Eiji Hashimoto said “We are not considering proceeding with any further M&As in Japan, but we want to seek M&As overseas, the key growth markets for Nippon Steel being India, the United States and ASEAN countries.”

He added “Nippon Steel wants to boost its group-wide crude steel output to 100 million tonnes from about 65 million tonnes to become a leading global steelmaker. We still aim to become the world’s top steelmaker by market capitalization, but our first aim is to be the top steelmaker by capitalization excluding Chinese rivals.”

Mr Hashimoto also said that Nippon Steel may resume operation at one of the six suspended furnaces by end-March if a faster-than-expected recovery in demand in China and Japan continues.

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Posted By : Yogender Pancholi on Wed, 02 Sep 2020
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