Nippon Steel transfers interest in JVs after acquisition of ArcelorMittal USA

Thursday, 10 December 2020 17:47:35 (GMT+3)   |   Istanbul

Japan-based Nippon Steel Corporation has announced that it has completed the transfer of the company’s partnership interests in the continuous cold rolling plant I/N Tek and the galvanizing line I/N Kote, joint ventures between Nippon Steel Corporation and global steel giant ArcelorMittal, to ArcelorMittal, following the acquisition of ArcelorMittal USA LLC and its subsidiaries by US-based Cleveland-Cliffs Inc.

I/N Tek and I/N Kote have been manufacturing bases for high grade automotive steel sheets for Japanese automotive customers in the US. After the transfer, the company intends to concentrate its resources on AM/NS Calvert in Alabama, a joint venture between ArcelorMittal and Nippon Steel, and to further strengthen its supply capability of full range of products including the state-of-the-art steel products in North America.

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