Japanese steelmaker Nippon Steel will increase its stake in Huay Pong, Thailand-based steel plant, Siam United Steel, buying the remaining stake of Thailand's largest conglomerate Siam Cement in the company for 855 million baht ($29 million).
Nippon Steel, which already owns a 45 percent stake in Siam United, will buy a five percent stake from the Thai company for 855 million baht ($29 million).
Siam United produces cold rolled sheet steel, with an annual capacity of 1 million mt.
As SteelOrbis previously reported, Nippon Steel announced that it will invest $300 million to build a hot dip galvanized (HDG) production plant in Thailand focusing on the automotive industry.
Nippon Steel to buy five percent stake in Thai steel plant
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Crc Flats Japan Thailand Far East East Asia and Pacific Southeast Asia Steelmaking M&A Nippon Steel
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