Nippon Steel Corp. has agreed to acquire an additional 35.6 percent stake in Tokyo-based flat bar manufacturer Oji Steel Co. from Daido Steel Co., thus increasing its interest in Oji Steel to 42.8 percent. However, the total cost of the transaction has not been disclosed by the companies involved.
Oji Steel Co. is a specialized manufacturer of flat steel bars used in a wide range of industries, including the machinery, construction and civil engineering fields, and is the top flat bar producer in Japan with 380,000 mt per annum.
Commenting on the transaction, Nippon Steel's Executive Vice President Kiichiro Masuda said, "We plan to further ties among group electric furnace steelmakers, such as jointly procuring materials and sharing technology."