Nippon Steel withdraws from two US auto sheet JVs

Nippon Steel has sold its equity stakes in two auto-steel sheet ventures in US it had with ArcelorMittal (AM), following AM’s decision to sell part of its US business interests including its shares in the two ventures, the Japanese integrated steelmaker announced on December 10. However, Nippon Steel said it will strengthen its involvement in a third US venture with AM that the Luxembourg-based steel giant continues to operate.

On December 9, Nippon Steel completed the transfer of its partnership interests in the two JVs to AM by exercising the put option allowed for under the JV agreements, transferring complete ownership of the two to AM. On the same day, AM subsequently sold its full equity in the two units to Cleveland-Cliffs,