Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed-December 2024-www.financetom.com

Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed

Oct 11, 2024 12:30 AM

TOKYO (Reuters) - Nippon Steel said on Friday it will sell its entire 50% stake in the joint venture steel plant in Calvert, Alabama, with ArcelorMittal if the top Japanese steelmaker's buyout bid for United States Steel is successful.

Nippon Steel would book consolidated loss of about 230 billion yen ($1.55 billion) upon its sale of the NS Kote holding company that owns the joint venture stake in the Calvert plant to ArcelorMittal for $1, the company said.

If its acquisition of U.S. Steel is not completed for any reason, the sale of NS Kote to ArcelorMittal "will not be consummated and there will be no impact on earnings performance", Nippon Steel said in a statement.

($1 = 148.7400 yen)

Previous page： Expect margins to improve to more than 20%: Shree Digvijay Cement’s Anil Singhvi Next page： Raw material prices going higher on China factor, says Welspun’s Sanjeev Sancheti

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

Expect margins to improve to more than 20%: Shree Digvijay Cement’s Anil Singhvi

Jan 28, 2021

Shree Digvijay Cement in its Q3 earnings saw margins of close to around 18.5-19 percent. Anil Singhvi, Executive Chairman of the company, said that he expects margins to improve hereon as they are focusing on reducing power costs.

Raw material prices going higher on China factor, says Welspun’s Sanjeev Sancheti

Jan 28, 2021

Cotton prices are going up in the country, owing to an increase in raw material prices due to China factor, Sanjeev Sancheti, CFO of Welspun India, on Thursday.

BITS Pilani to invest Rs 1,500 crore in new BITS School of Management

Jan 28, 2021

The new B-school will take form and shape in Kalyan, Maharashtra, and have a temporary campus ready by July.

Price reduction across categories due to low or no demand: JK Paper

Jan 28, 2021

JK Paper on Thursday said that there has been a reduction in prices across all categories as there was very low or no demand for products as schools, colleges and other educational institutions remained shut amid the COVID-19 pandemic.