Takahiro Mori, executive vice president at Nippon Steel, told Reuters, “The discussions are underway to secure iron sources in ASEAN.”
 
The deal, according to Reuters, could involve an electric furnace.
 
The company is boosting capacity at its Indian joint venture with ArcelorMittal and building an electric furnace at AM/NS Calvert LLC, its U.S. joint venture with ArcelorMittal.
 
Nippon Steel revised its annual profit forecast earlier this month as healthy global demand boosted prices of steel products. Mori said the company plans to invest in growth businesses such as magnetic steel sheets.
 
“Demand for magnetic steel sheets is expected to grow more than anticipated as global decarbonization push is moving faster and stronger than expected,” Mori said.
 
Japan and the U.S. agreed earlier this month to begin discussions on addressing global excess capacity.