Japanese steelmaker Nippon Steel has announced that it has reached an agreement with French steel pipe producer Vallourec to participate in the share capital increase offered by the pipemaker.
Vallourec recently announced that it will be increasing its share capital by approximately €800 million. After Vallourec’s announcement, Nippon Steel has decided to invest €35 million in the share capital increase. Consequently, Nippon’s shares in Vallourec will total approximately 10 percent.
Nippon currently holds 14.56 percent of Vallourec shares.