Nippon Steel Plans to Sell Posco Shares to Enhance Asset Efficiency, Reports Reuters

Japan’s Nippon Steel announced on Tuesday its decision to sell 2.9 million shares in Posco Holdings, a South Korean company, as part of its strategy to enhance asset efficiency.

The company indicated that further details regarding the timing of the sale and its potential impact on financial performance will be revealed in the future.

As Japan’s largest steel producer, Nippon Steel is reportedly targeting the divestiture of at least $211 million in assets this fiscal year. This move is aimed at managing its debt in light of a planned acquisition of U.S. Steel valued at approximately $14.9 billion.