07
Mar
09:16
NSSMC to complete Nisshin takeover next week
Japan’s Nippon Steel and Sumitomo Metal Corporation (NSSMC) says that it will complete its purchase of a controlling stake in Nisshin Steel on 13 March. NSSMC believes the move could lead to cost savings of around JPY 20 billion/year ($176 million), Kallanish notes.
NSSMC will purchase 46,896,363 shares in the stainless and special steel producer, boosting its stake from 8.31% to 51.03%. Nisshin will close its blast furnace No. 2 and begin buying…
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Very good overview of the weekly steel market.
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