Nippon Steel seeking assets for growth outside Japan
Japanese firm sees stronger overseas rise for the metal than home market
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[RIO DE JANEIRO] Nippon Steel & Sumitomo Metal Corp, the world's second-biggest steelmaker, is seeking to add assets in markets outside Japan to tap growth in metal demand that's stronger than in its home market.
Nippon Steel partnered ArcelorMittal in November to acquire a steel plant in the US from ThyssenKrupp AG, and is expanding to chase swelling overseas demand, company president Kosei Shindo said in an interview during the weekend. The steel industry is becoming global, he said.
"It's important to increase assets in overseas markets rather than in Japan," Mr Shindo said in Sao Paulo on the sidelines of a business seminar between Brazilian and Japanese companies. "We must follow the increase of steel demand in overseas markets."
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