Nippon Steel to bolster overseas business, focus on India [Reuters]
POSCO Holdings Inc. American Depositary Shares (Each representing 1/4th of a share of) (PKX)
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Source: Reuters
Nippon Steel to bolster overseas business, focus on India | Reuters 4 Min Read TOKYO (Reuters) - Japan’s Nippon Steel Corp, is set to bolster overseas operations, especially in fast-growing India, to bypass growing nationalism and capitalize on growth abroad as it faces shrinking demand at home. “India is the fastest-growing market in the world and our investment on Essar’s operations will be our key project for this year,” said Nippon Steel’s new president, Eiji Hashimoto. Creditors of Essar Steel India approved a joint offer by ArcelorMittal and Nippon Steel for the debt-laden asset in October, and the two have drawn up plans to double output of the unit in coming years. “It’s a big investment, but this deal was a bargain,” Hashimoto told reporters in March. The deal also gives Nippon Steel access to a country that is difficult for foreign companies to enter amid a “Make in India” policy and that has often implemented safeguard duties on steel imports. From April 1 this year, the 63
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