Japan’s largest steelmaker Nippon Steel plans to sell 2.9 million shares of POSCO Holdings to improve asset efficiency, with details on timing and financial impact to be announced later. The company is reportedly aiming to sell at least USD 211 million in assets this fiscal year to manage debt ahead of its USD 14.9 billion acquisition of U.S. Steel.
Vice Chairman Takahiro Mori confirmed ongoing talks with the United Steelworkers (USW) union, though negotiations have faced resistance. USW President David McCall criticized Nippon Steel’s conditional promises, raising concerns about workers' security.
The acquisition, which has drawn political opposition, is delayed until after the U.S. presidential election, with the companies aiming to close the deal by year-end, pending approvals.
Comments
No comment yet.