Japanese steel producer Nippon Steel Corporation has announced that in order to improve asset efficiency it will sell its total of 2,894,712 shares in South Korean steelmaker POSCO Holdings acquired and held in conjunction with the strategic alliance agreement between the two parties initially inked in 2000 and renewed in August this year.
Although Nippon Steel will sell its shares, the alliance relationship between the companies will continue with a focus on addressing issues shared by the two companies such as carbon neutrality and mutual supply of steel slabs. The impact of the sale on Nippon Steel’s individual financial statements for the financial year 2024-25 ending March 2025 is unspecified for now.