Nippon Steel Aims to Become World's Top Steelmaker

SEATTLE (Scrap Monster): The leading Japanese steelmaker, Nippon Steel Corporation, announced plans for mergers and acquisitions overseas, aimed at transforming itself as the world’s top steelmaker.

Ever since the merger with Sumitomo Metal Industries in 2012 to form Nippon Steel & Sumitomo Metal Corporation, the company has been pursuing aggressive restructuring and expansion plans, not only within Japan, but also in several overseas countries. After conversion of Nippon Steel Nisshin into a wholly-owned subsidiary, it had announced that it is no more interested in any domestic deals, Rather, the company had expressed its intention to seek opportunities outside, especially in key markets including India, the U.S. and other ASEAN countries.

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Through acquisitions, the company aims to lift its annual crude steel output to 100 million tonnes, significantly higher from the current production level of around 65 million tonnes, said Eiji Hashimoto, President, Nippon Steel. The company plans a series of restructuring measures, which will be announced as and when they are finalized, he added.

The company, in partnership with ArcelorMittal, had recently concluded acquisition of debt-ridden Essar Steel in India.