Nippon Steel Corporation (TSE:5401) is in talks to buy a steel mill in Southeast Asia to secure iron-making resources in the growing market and step up its overseas expansion, a Senior Executive said. ?The discussions are under way to secure iron sources in ASEAN,? Takahiro Mori, Executive Vice President at Nippon Steel, told Reuters last week. He declined to comment on details, but said the deal could involve an electric furnace. Nippon said in March 2021 that it may consider acquiring or investing in integrated steel mills in China and ASEAN countries to boost its global capacity of crude steel output to 100 million tonnes. ?One hundred million is a symbolic figure for us to have a certain presence and influence as a global steel major,? Mori said. ?Demand for magnetic steel sheets is expected to grow more than anticipated as global decarbonisation push is moving faster and stronger than expected,? he said. ?We?ll need to invest more in this area if needed and we are considering the most efficient way to do that?.