Japan-based Nippon Steel Corporation is seeking overseas mergers and acquisitions (M&As), according to a media report from Reuters.
The key growth markets for Nippon Steel are India, the United States and ASEAN countries. “We are not considering to proceed with any further M&As in Japan, but we want to seek M&As overseas,” said Eiji Hashimoto, president of Nippon Steel.
The company wants to be a global leader in steelmaking increasing its crude steel production to 100 million mt, excluding its Chinese rivals, who are recovering faster than the rest of the world from the pandemic.
Nippon Steel temporarily idled some of its blast furnaces amid lower demand caused by the coronavirus and posted its biggest first quarter loss in August since 2012. The company stated that the furnaces may resume operations by the end of March 2021, if demand in China and Japan picks up faster.