NIPPON STEEL (JP:5401) has released an update.
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Nippon Steel Corporation has agreed to sell its subsidiary NS Kote, Inc. to ArcelorMittal to alleviate antitrust concerns related to Nippon Steel’s acquisition of U.S. Steel. NS Kote owns Nippon Steel’s interests in the joint venture AM/NS Calvert LLC, a significant steel sheet manufacturer in the U.S. The deal, essential for regulatory approval, includes a projected loss on Nippon Steel’s financials but is seen as a strategic step to enhance American national security and industrial resilience.
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