Nippon Steel Reaches Major Milestone in its Journey to Become World’s Best Steelmaker

SEATTLE (Scrap Monster): Nippon Steel has completed acquisition of 51% of the common shares of Sanyo Special Steel Co., Ltd., making it a subsidiary of the company. Also, it acquired all of the shares of Ovako AB- the leading Swedish manufacturer of special steel. Ovako has now become a wholly owned subsidiary of Sanyo Special Steel. By way of integration of steel operations achieved as a result of acquisitions, Nippon Steel aims to become the world’s best steelmaker.

The acquired business units are expected to strengthen the medium to long-term competitiveness of Nippon Steel’s special steel business. Further, it will strengthen the company’s business fundamentals and technical capabilities in order to meet the ever-rising domestic and overseas demand for high-quality special steel products. It targets to maximize the potential of each company and its subsidiaries in creating synergies that will help the company achieve its goal of becoming the best steel maker in the world.

Nippon Steel’s first and foremost priority will be to explore all possible measures to ensure safety, environment, disaster prevention, quality and compliance. The second priority will be to rebuild and reinforce its profit base. The company considers expanding profit in overseas business as its third priority. As part of last priority issue, Nippon Steel will focus on measures to promote business transformation, standardization, and workstyle reforms.