Nippon Steel to Sell Stake in POSCO
09/24/2024 - Nippon Steel Corp. will divest its US$823 million stake in South Korea’s POSCO Holdings Inc., a move that it says will “improve asset efficiency through asset compression.”
According to the English-language Korea JoongAng Daily newspaper, the proceeds from the sale likely will be put toward the steelmaker’s acquisition of United States Steel Corporation.
Nippon Steel formed a strategic alliance with POSCO in 2000. The alliance was renewed in August, Nippon Steel said.
And going forward, efforts "will continue to be made to address issues shared by the two companies such as carbon neutrality, mutual supply of steel slabs, etc., and technology exchange,” the company said.
Nippon Steel formed a strategic alliance with POSCO in 2000. The alliance was renewed in August, Nippon Steel said.
And going forward, efforts "will continue to be made to address issues shared by the two companies such as carbon neutrality, mutual supply of steel slabs, etc., and technology exchange,” the company said.
