U.S. Steel Košice. (source: Korzár)
The American steel giant U.S. Steel is changing hands. The company, whose portfolio also includes the Košice steelworks, will be acquired by the Japanese company Nippon Steel Corporation (NSC).
NSC is the fourth largest steel producer in the world.
U.S. Steel Košice, which has been underfunded in terms of investment for years, now has hope for modernisation, more ecological production and a better chance of being able to compete with cheap Chinese steel.
The Japanese company said about the acquisition that it wants to expand to new markets outside of Japan and Asia. It also wants to focus on the American market, which the firm sees as promising.
The transaction brings together two companies with world-leading technologies and production capacities, NSC President Eiji Hashimoto commented on the acquisition. We are committed to honouring all existing U.S. Steel union contracts, he added.
