Nippon Steel & Sumitomo Metal Corporation Announces the Enhancement of Joint Venture (Mitsubishi Steel Muroran Inc.) with Mitsubishi Steel Mfg. Co., Ltd
April 28, 2017
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Nippon Steel & Sumitomo Metal Corporation (NSSMC), together with Mitsubishi Steel Mfg. Co., Ltd. (MSM), established Mitsubishi Steel Muroran Inc. (MSR) in 1992 and has jointly operated it as a joint venture manufacturing specialty steel in Muroran, Hokkaido. With respect to this joint venture, NSSMC has recently reached an agreement with MSM that NSSMC and MSM will change and enhance the joint venture with the aim of further optimizing their respective manufacturing structures in Muroran, Hokkaido. Details are as follows: Enhancement of the joint venture: NSSMC to increase volume in outsourced manufacturing of steel billets to MSR; Establishment of organization in MSR and technology transfer from NSSMC to MSR, to secure the quality of steel billets that NSSMC will outsource to manufacture to MSR; and NSSMC to increase its shareholding ratio in MSR from 20% to 30%. Planned schedule: October 2017(plan)-NSSMC to increase its shareholding ratio in MSR, After October 2017(in stages)-
Establishment of organization and technology transfer to secure the quality of steel billets. NSSMC to increase volume in outsourced manufacturing of steel billets.
Mitsubishi Steel Mfg. Co Ltd is a Japan-based company principally engaged in the manufacture and sale of speciality steel products, springs, fabricated materials and equipment. The Company operates through four segments. The Specialty Steel Products segment manufactures and sells speciality steel products such as carbon steel, low alloy steel, spring steel, and bearing steel. The Spring segment manufactures and sells coil springs, stabilizers, leaf springs, and coiled wave springs. The Fabricated Materials segment is engaged in the manufacture and sale of special alloy powders, fine powders, precision castings, and cast steel products. The Equipment and Device segment manufactures and sells forging machines, industrial machinery, steel structures, and environmental recycling equipment. The Company is also engaged in marine transportation, truck transportation, and warehousing businesses.