On March 20, SteelOrbis reported a 51 percent acquisition of Nisshin Steel by Nippon Steel & Sumitomo Metal Corporation (NSSMC).
According to a recent press release, NSSMC is acquiring the remaining minority shares to make the unit a wholly-owned subsidiary. The share exchange will be effective as of January 1, 2019. While agreed upon by board of directors, the share exchange agreement will be approved by Nisshin Steel shareholders during an official meeting in December 2018. According to NSSMC management, the strategic move is in order to maximize synergy in the group’s stainless-steel business.