Boursier, citing information from Bloomberg, reported that Japanese steel giant Nippon Steel has sold its entire stake in world’s leading manufacturer of seamless tubes Vallourec by selling 7.85 million shares at a unit price of EUR 9.90, which represents a discount of 5.7% on the closing price on 8 November evening. In 2016, Nippon Steel & Sumitomo Metal Corporation had invested EUR 350 million to increase its share in Vallourec to 15% from 1.5%. In the same year, the two companies accelerated the VAM premium joint development programs and expanded the scope of cooperation to include industrialization and enhanced customer service capabilities. In 2020, Nippon Steel increased its shareholdings by subscribing to approximately 10% of Vallourec’s shares by investing up to EUR 35 million in the purchase. For more than 40 years, Nippon Steel and Vallourec have established and maintained strong partnership through cooperation in developing VAM® premium joints for OCTG business, as well as operating joint ventures in Brazil, USA and Asia. In Brazil, Nippon Steel and Vallourec have made progress in improving the financial performance of Vallourec Solugoes Tubulares do Brasil, a pipe manufacturing joint venture between Nippon Steel, Sumitomo Corporation and Vallourec
Boursier, citing information from Bloomberg, reported that Japanese steel giant Nippon Steel has sold its entire stake in world’s leading manufacturer of seamless tubes Vallourec by selling 7.85 million shares at a unit price of EUR 9.90, which represents a discount of 5.7% on the closing price on 8 November evening. In 2016, Nippon Steel & Sumitomo Metal Corporation had invested EUR 350 million to increase its share in Vallourec to 15% from 1.5%. In the same year, the two companies accelerated the VAM premium joint development programs and expanded the scope of cooperation to include industrialization and enhanced customer service capabilities. In 2020, Nippon Steel increased its shareholdings by subscribing to approximately 10% of Vallourec’s shares by investing up to EUR 35 million in the purchase. For more than 40 years, Nippon Steel and Vallourec have established and maintained strong partnership through cooperation in developing VAM® premium joints for OCTG business, as well as operating joint ventures in Brazil, USA and Asia. In Brazil, Nippon Steel and Vallourec have made progress in improving the financial performance of Vallourec Solugoes Tubulares do Brasil, a pipe manufacturing joint venture between Nippon Steel, Sumitomo Corporation and Vallourec
