NSC to acquire stake in Wakayama
Japanese steel producer Nippon Steel Corporation (NSC) is reportedly planning to acquire stake in Sumitomo Metal Industries Ltd's Wakayama venture with
China Steel Corp (
CSC).
The amount of investment and size of the stake NSC plans to acquire has been revealed yet. However it is reported that Sumitomo will hold 50% ownership of Wakayama even NSC acquires a stake.
Currently Sumitomo Metal holds 62% stake in Wakayama joint venture.
CSC owns 33% and Sumitomo Corp has 5% stake in the venture.