Sanyo Special Steel and Nippon Steel & Sumitomo Metal Corporation (NSSMC) began discussions for the possible integration of Sanyo Special Steel as a NSSMC subsidiary on March 15, 2018 and have now established March 28, 2019 as the target date.
The press release of the confirmed agreement confirmed the further cooperation between NSSMC, Sanyo Special Steel and Ovako AB (a manufacturer of special steel headquartered in Sweden), which became a wholly-owned subsidiary of NSSMC as of June 1, 2018. The agreement includes transactions in March 2019 that include Sanyo Special Steel acquiring all the shares of Triako Holdco AB, Ovako’s wholly-owning parent company, making it a subsidiary of NSSMC and in turn making Ovako its own subsidiary. The companies seek to strengthen the technological capabilities, product develop and cost competitiveness of their special steel businesses.
Sanyo Special Steel was established in 1935 and has had a business alliance with NSSMC since February 2006.