Daido to take over shares of Nippon Seisen Stainless Steel

Daido to take over shares of Nippon Seisen Stainless Steel

According to the recent market news, Japan steel producer Daido Steel is planning to take over Nippon Seisen Stainless Steel Wire&Fiber. With the take over, Daido Steel will be the largest stainless steel wire producer in Japan. The officials from Daido express that the take-over of 9.25 million shares of Nippon Seisen Stainless Wire&Fiber will cost Yen 34.4 billion ($300 million) and the take-over will be materialized at the end of November. They also add that the take-over is quite important for the company as the production has declined 30% for the last decade.