Japan-based Nippon Steel Corporation has announced that it has completed the acquisition of Thailand-based integrated steel mills that produce hot rolled steel sheets from electric arc furnaces from Kendrick Global Limited and has made them its subsidiaries. The company has acquired 49.99 percent of shares in G Steel Public Company Limited (G Steel) and 49.90 percent of shares in G J Steel Public Company Limited (G J Steel).
The two companies have a total hot rolled production capability of approximately three million mt.
With this transaction worth $300 million, Nippon Steel will capture hot rolled steel demand in Thailand, which is expected to grow steadily, as SteelOrbis previously reported. Investing in these two electric arc furnace steelmakers will also contribute to the company’s efforts to become carbon neutral by 2050.
