Nippon Steel signs an alliance with Ispat Group
According to recent market news, Japanese steel giant Nippon Steel and LNM Group company Ispat have reached an agreement to enhance their joint venture operations in
North America, namely I/N Tek and I/N Kote, which are serving for
automotive industry.
The above mentioned operations are equipped with Nippon Steel's technology and they supply high quality steel sheets to Japanese auto producers in
North America.
In line with the agreement, Nippon Steel will continue to supply its high technology to the joint venture companies of Nippon and Ispat for the improvement of quality of the products, moreover it will provide new product technology, such as high tensile strength steel products.
The officials of Nippon Steel state that, the purpose of the agreement is establishing a global supply system to Japanese auto makers, who have increased their
production overseas countries. Nippon Steel has also alliances with major steel producers such as Arcelor and POSCO.
LNM Group has also expanding its global operations in recent years. Recently, it has signed a $1.05 billion deal with Polish government to take over Polskie Huty Stali (PHS) as previously reported by SteelOrbis.