TOKYO (Scrap Monster): As it found the growing metal demand outside Japan, the world's second largest steel producer Nippon Steel & Sumitomo Metal Crop is looking for adding assets in markets outside Japan.
Recently, the company has acquired a U.S steel plant from ThyssenKrupp AG through a joint venture with Arcelor Mittal, as part to meet up the growing demand overseas. President Kosei Shindo said that the steel industry was becoming global and it was important to add up assets in outside Japan market rather than inside.
June quarter profit of the company declined 24 pct as the prices get affected badly due of steel imports from China. The main market area for Nippon Steel is Brazil, which is the largest steel producer in Latin America. Shindo added that operations at Usinas Siderurgicas de Minas Gerais SA of Brazilthat Nippon co-controls were precious. He said that they were about to globalize their business all over the world.