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.