Nikkei reported that Japanese steel giant Nippon Steel is set to acquire two electric furnace based steelmakers G Steel and GJ Steel in Thailand in 2022, in a move aimed at reducing its reliance on coal to produce the metal. G Steel posted sales of THB 20.6 billion (USD 617 million) for the year ended December 2020, while GJ Steel logged sales of THB 11.3 billion baht in the same fiscal year.US asset manager Ares Management owns almost 50% of G Steel and over 40% of GJ Steel through its investment fund. Nippon Steel plans to buy those stakes owned by the investment fund.G Steel Public Company LimitedHot Rolled Coil and Slabs1.8 million tonnes per annumG J Steel Public Company LimitedHot Rolled Coil1.5 million tonnes per annumNippon Steel has, traditionally, used blast furnaces to produce steel. The acquisition of G Steel and GJ Steel will increase the Japanese steelmaker's presence in the fast-growing Southeast Asian market
Nikkei reported that Japanese steel giant Nippon Steel is set to acquire two electric furnace based steelmakers G Steel and GJ Steel in Thailand in 2022, in a move aimed at reducing its reliance on coal to produce the metal. G Steel posted sales of THB 20.6 billion (USD 617 million) for the year ended December 2020, while GJ Steel logged sales of THB 11.3 billion baht in the same fiscal year.US asset manager Ares Management owns almost 50% of G Steel and over 40% of GJ Steel through its investment fund. Nippon Steel plans to buy those stakes owned by the investment fund.G Steel Public Company LimitedHot Rolled Coil and Slabs1.8 million tonnes per annumG J Steel Public Company LimitedHot Rolled Coil1.5 million tonnes per annumNippon Steel has, traditionally, used blast furnaces to produce steel. The acquisition of G Steel and GJ Steel will increase the Japanese steelmaker's presence in the fast-growing Southeast Asian market
