Nippon Steel, peers urge Tokyo to curb steel imports from China, executive says

The world’s fourth-biggest steelmaker is eager to close the US$14.9 billion acquisition of US Steel by the end of 2024 which should add 30-40 billion yen (US$208-US$277 million) to Nippon Steel’s profit in January-March quarter, Mori said.

“Walz welcomed investment in Minnesota and showed a very strong interest in US-Japan relations,” Mori said, adding Walz expressed his support to the acquisition deal at the time.

Mori plans another US trip next month to continue the dialogue with stakeholders.

Last week, Nippon Steel agreed with Whitehaven Coal to buy a 20 per cent stake in the Blackwater coking coal mine in Australia for US$720 million, boosting its self-sufficiency ratio of the key steel-making ingredient to 35 per cent. Nippon Steel targets a ratio above 40 per cent to offset impact from raw material prices.

“We’ll consider buying more interests in coking coal mines if a good deal emerges,” Mori said.

He declined to comment on whether the company would bid for Anglo American’s coking coal assets.