Nippon Steel eyes M&As overseas to emerge a global leader
Domain-b - Nippon Steel Corp, Japan's top steelmaker, is pushing overseas expansion with plans for mergers and acquisitions to emerge as the world’s leading steel maker as continued losses from shrinking domestic sales started hurting profitability.
The Japanese steel giant, which merged domestic peer Sumitomo Metal Industries in October 2012 to become Nippon Steel & Sumitomo Metal Corporation, has since followed an aggressive restructuring and business development plan in Japan and abroad
Reports citing Nippon Steel president Eiji Hashimoto said the steelmaker is seeking overseas mergers and acquisitions but not further deals at home. Perhaps Nippon Steel’s last domestic acquisition in Japan was Nippon Steel Nisshin, which was converted to a wholly-owned subsidiary.