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    5401   JP3381000003

NIPPON STEEL CORPORATION

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Nippon Steel in talks to buy steel mill in Southeast Asia - executive

11/29/2021 | 12:16pm EST
The logos of Nippon Steel Corp. are didplayed at the company headquarters in Tokyo

TOKYO (Reuters) - Japan's biggest steelmaker Nippon Steel Corp 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.

The world's No.5 steelmaker said in March 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.

As of March, Nippon Steel's global output capacity stood at 70 million tonnes.

The company is boosting capacity at its Indian joint venture with ArcelorMittal SA, and building an electric furnace at its U.S. joint venture with ArcelorMittal.

Japan and the United States have recently agreed to start discussions aimed at tackling additional U.S. tariffs on Japanese steel and aluminium imports, an irritant in trade relations between the two.

"Our export volume to the United States is not large, but it has nearly halved since the extra tariffs were imposed," Mori said, pointing to seamless pipes and railway rails as affected ones.

Nippon Steel wants the tariffs to be abolished as it would help increase its exports and profits, Mori said.

Early this month, the steelmaker lifted its annual profit outlook as robust global demand boosted prices of steel products and higher prices of iron ore and coking coal caused hefty appraisal gains on its inventory.

With higher-than-expected profits for this year, the company plans to allocate more funds for its growth businesses such as key magnetic steel sheets, used in electric vehicles and power generation, 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."

Underlining the importance of the products, Nippon Steel is suing Toyota Motor and Baoshan Iron & Steel, alleging the two firms have infringed on its patents of magnetic steel sheets.

(Editing by Jacqueline Wong)

By Yuka Obayashi and Ritsuko Shimizu


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -6.43% 26.985 Real-time Quote.-4.12%
BAOSHAN IRON & STEEL CO., LTD. 0.80% 7.56 End-of-day quote.5.59%
NIPPON STEEL CORPORATION -3.37% 1835 Delayed Quote.0.96%
TOYOTA MOTOR CORPORATION -1.93% 2235.5 Delayed Quote.8.22%
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Analyst Recommendations on NIPPON STEEL CORPORATION
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Financials
Sales 2022 6 720 B 59 052 M 59 052 M
Net income 2022 520 B 4 570 M 4 570 M
Net Debt 2022 2 330 B 20 475 M 20 475 M
P/E ratio 2022 3,45x
Yield 2022 7,73%
Capitalization 1 746 B 15 333 M 15 346 M
EV / Sales 2022 0,61x
EV / Sales 2023 0,63x
Nbr of Employees 106 226
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 1 896,50 JPY
Average target price 2 602,22 JPY
Spread / Average Target 37,2%
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Managers and Directors
Eiji Hashimoto President & Representative Director
Kosei Shindo Chairman
Shuhei Onoyama Representative Director & Vice President
Mutsutake Otsuka Independent Outside Director
Ichiro Fujisaki Independent Outside Director
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