Latest news with #NipponSteelCorp
Yomiuri Shimbun
09-07-2025
- Business
- Yomiuri Shimbun
Nippon Steel Looking to Double Its U.S. Steel Output in 5 Years, Says CEO
Nippon Steel Corp. plans to double its crude steel production in the United States in three to five years, according to its chairman and chief executive officer, Eiji Hashimoto. During an interview with The Yomiuri Shimbun on Tuesday, Hashimoto outlined a plan to achieve the goal by improving production efficiency at U.S. Steel Corp., its wholly owned subsidiary. The newly purchased firm is also to be equipped with cutting-edge technology. Globally, Nippon Steel plans to increase its crude steel output from 58 million tons at present to 100 million tons by expanding production in India and Thailand, said Hashimoto. At U.S. Steel, whose buyout took about 18 months to pull off, Nippon Steel plans to invest $11 billion (about ¥1.6 trillion) by 2028 to upgrade aging production facilities, added Hashimoto. U.S. Steel currently produces about 11 million tons of crude steel in the United States, maintaining a U.S. market share of around 15%. Nippon Steel plans to improve U.S. Steel's product lineup by providing advanced manufacturing technologies, such as for high-performance electrical steel sheets, which are used in large transformers and motors for electric vehicles. By improving production efficiency, the firm aims to boost yield and reduce costs. 'Through our new investments, we will expand capacity, broaden our production offerings and double production,' Hashimoto said. Though 40 engineers have been dispatched to the United States, Hashimoto indicated that more personnel would be needed to support the move to greater capacity and an enhanced product lineup. The U.S. government holds a 'golden share' in U.S. Steel, giving it veto power over key management decisions. While the government could change how it involves itself in the firm after an election, Hashimoto said, 'I am not concerned because the U.S. government's goal of restoring the manufacturing industry aligns with Nippon Steel's management strategy.' By raising global crude steel production to 100 million tons, Nippon Steel aims to become the world's leading steel manufacturer. Acknowledging that ArcelorMittal S.A., a European giant in the industry, is currently the 'actual world leader,' Hashimoto said, 'We must close the gap and then overtake them.' In 2019, Nippon Steel and ArcelorMittal jointly acquired a steel manufacturer in India. The companies now plan to increase steel output by 15 million tons and establish one of the world's largest steel mills there. Additionally, Nippon Steel plans to increase its production capacity in markets where it operates independently, such as Europe and Thailand. The steelworks owned by U.S. Steel in Slovakia could be expanded to more than twice their current capacity. Nippon Steel also plans to continue investing in facilities in Thailand, aiming to secure a majority of the market. With China continuing to export low-priced steel to the global market, Hashimoto argued that 'To avoid negative impacts from China, we can't allow it to dominate crucial markets like the United States, India, Europe and Thailand.'
Yomiuri Shimbun
03-07-2025
- Business
- Yomiuri Shimbun
Nippon Steel Chairman Expresses Gratitude to Ishiba; PM calls Acquisition of U.S. Steel ‘Very Symbolic Case'
Nippon Steel Corp. Chairman Eiji Hashimoto and other executives met with Prime Minister Shigeru Ishiba on Wednesday to report the completion of the company's acquisition of U.S. steel giant United States Steel Corp. The acquisition plan had stalled in January following an executive order from then U.S. President Joe Biden to block the deal. However, Japan-U.S. summit talks between Ishiba and U.S. President Donald Trump in February led to the resumption of negotiations. During the meeting at the Prime Minister's Office, Hashimoto expressed his gratitude, saying, 'The summit talks paved the way [for the deal] to be realized.' After Trump revised Biden's executive order to approve the acquisition in June, Nippon Steel made U.S. Steel a wholly owned subsidiary. 'We will improve U.S. Steel's quality from the ground up and prove that manufacturing cooperation between Japan and the U.S. can be valuable,' Hashimoto said. He indicated Nippon Steel's intention to transfer its manufacturing technology to U.S. Steel to strengthen its competitiveness. Ishiba said that Japan is negotiating with the U.S. side with a view to focus on investment over tariffs. He described the successful acquisition as 'a very symbolic case.' He added that it 'could become a model case for Japan-U.S. relations.' Also present at the meeting were Nippon Steel President Tadashi Imai; Vice Chairman Takahiro Mori; and Chief Cabinet Secretary Yoshimasa Hayashi. Speaking to reporters after the meeting, Hashimoto expressed his resolve, saying, 'We will strive to ensure that the U.S. market recognizes the improvements at U.S. Steel.'
02-07-2025
- Business
Nippon Steel Aiming to Prove Value of Japan-U.S. Cooperation: Chm.
News from Japan Economy Jul 2, 2025 16:18 (JST) Tokyo, July 2 (Jiji Press)--Nippon Steel Corp. Chairman Eiji Hashimoto said in a meeting with Prime Minister Shigeru Ishiba on Wednesday that he wants to prove the value of cooperation between Japanese and U.S. manufacturers through his company's acquisition of United States Steel Corp. "We want to improve the quality of U.S. Steel and prove that cooperation between Japanese and U.S. manufacturers is useful," Hashimoto said at the start of the meeting at the prime minister's office, in which other Nippon Steel executives also attended. He reported to the prime minister that the takeover has been completed, and expressed gratitude for the Japanese government's support over the buyout effort. Ishiba explained that Tokyo is continuing to urge the administration of U.S. President Donald Trump to review its high tariffs, saying that Japan is calling attention to investments rather than tariffs as it advances negotiations with the United States. Nippon Steel's acquisition of U.S. Steel, made possible through a commitment for massive investments, "can be a model case for future Japan-U.S. relations," the prime minister said. [Copyright The Jiji Press, Ltd.] Jiji Press
Asahi Shimbun
25-06-2025
- Business
- Asahi Shimbun
Nippon Steel says it rebuffed Trump's attempt to ‘call the shots'
Nippon Steel Corp. overrode resistance from U.S. President Donald Trump and turned U.S. Steel into a wholly owned subsidiary, the Japanese company's chief executive said. Eiji Hashimoto told a shareholders meeting on June 24 that Nippon Steel stood firm on its original plans to acquire all shares of the storied American steelmaker. 'Trump said he did not want to approve a 100-percent ownership and called for lowering our proposed share to 49 percent or less, if possible, but we eventually prevailed,' said Hashimoto, who is also chairman. Nippon Steel acquired all common shares in U.S. Steel for about $14 billion (2 trillion yen) on June 18. In winning approval from the Trump administration, Japan's top steelmaker concluded a national security agreement with the U.S. government and decided to issue a 'golden share,' which will give Washington extensive veto power over key management decisions. When a shareholder asked if Nippon Steel will be tied hand and foot by the U.S. government, Hashimoto said the company would not have gone ahead with the buyout if the deal terms had allowed Washington to 'call the shots.' Up to nine members sit on U.S. Steel's board of directors. An external director will be appointed by the U.S. government, and the appointments of two others must be approved by Washington. Still, Hashimoto said Nippon Steel will be able to secure sufficient freedom in management, noting that a majority of U.S. Steel directors will be nominated by the Japanese company. The annual meeting attracted 1,257 shareholders, about 80 percent more than last year.
24-06-2025
- Business
Nippon Steel Shareholders Laud Successful U.S. Steel Acquisition
News from Japan Economy Jun 24, 2025 17:58 (JST) Tokyo, June 24 (Jiji Press)--Nippon Steel Corp. shareholders on Tuesday praised the Japanese steelmaker's successful acquisition of United States Steel Corp. despite initial opposition from the U.S. government, but expressed concerns about the implications of a "golden share" given to Washington. All three company proposals including on personnel appointments were approved at Nippon Steel's shareholders meeting in Tokyo, despite a campaign by an investment fund urging shareholders to oppose the reappointment of President Tadashi Imai and Vice Chairman Takahiro Mori as directors. The fund had taken issue with the company issuing to the U.S. government a golden share in U.S. Steel, giving it veto rights over important management matters, as part of the buyout. A total of 1,257 people attended the meeting, around double the number of last year's meeting participants. Of the questions raised by shareholders in the one-hour, 56-minute meeting, around half were related to U.S. Steel. A participating shareholder in his 60s lauded the company's successful takeover of the U.S. steelmaker, saying that " the penalty for an unsuccessful acquisition would have had a larger negative impact." [Copyright The Jiji Press, Ltd.] Jiji Press
