Japan Times, citing a company source, reported that Nippon Steel Corp is considering selling off its two automotive steel plants in the US state of Indiana as part of global restructuring given a slump in demand amid the coronavirus pandemic. Source added that “Because its partner ArcelorMittal, which jointly owns a company running the two plants, has decided to sell its share to a US steel-maker, the leading Japanese steel-maker is thinking of following suit.”
With the COVID-19 pandemic dealing a fresh blow to an industry already struggling with fierce competition from Chinese rivals, Nippon Steel had already announced it will close a plant in Kure, Hiroshima Prefecture, by September 2023 to slash costs and improve profitability. The planned massive restructuring to cut back domestic output will result in a reduction of Nippon Steel’s annual output capacity by around 5 million tones
Source: STEELGURU
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