The world's two biggest steelmakers Nippon Steel & Sumitomo Metal and ArcelorMittal are close to a $2 billion deal to buy a US steel plant from a German company, a report said Wednesday. Nippon Steel and ArcelorMittal have reached a basic accord with ThyssenKrupp on the deal worth nearly 200 billion yen ($1.97 billion), the Nikkei economic daily said, without naming its sources. The two partners are making a joint bid for the plant in the state of Alabama that manufactures automotive steel sheets, aiming to more than double their combined production capacity in the United States, it said. Nippon Steel declined to comment on the possible purchase, which could be its largest ever outside Japan. It became the world's second-biggest steelmaker following its merger with Sumitomo last year. Without identifying possible buyers, ThyssenKrupp said this month that it was in exclusive negotiations on selling the state-of-the-art, but unprofitable plant which only came online in 2010. Nippon Steel and ArcelorMittal will split the purchase costs evenly, with specifics to be fleshed out and announced in early December, the Nikkei said. Luxembourg-based ArcelorMittal and the Japanese giant already jointly produce steel for automobiles in Indiana. The yen's plunge against the dollar since late last year has improved Japanese automakers' income but Nippon Steel believes they will continue shifting automobile production overseas, the Nikkei said. It started an automotive steel sheet factory in Mexico in August and in Thailand in October. Shares in Nippon Steel rose 0.60 percent to 333 yen by the midday break in Tokyo after the report, in an overall market that was modestly down.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor