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Nippon Steel says it will sell Posco shares to improve asset efficiency

Published 09/24/2024, 02:15 AM
Updated 09/24/2024, 02:21 AM
© Reuters. FILE PHOTO: Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024.  REUTERS/Issei Kato/File photo
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TOKYO (Reuters) - Japan's Nippon Steel said on Tuesday it would sell a total of 2.9 million shares in South Korea's Posco Holdings in an effort to "improve asset efficiency".

© Reuters. FILE PHOTO: Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024.  REUTERS/Issei Kato/File photo

The timing of the sale and its impact on financial results will be announced at a later date, Nippon Steel said in a statement.

Japan's biggest steelmaker is reportedly planning to offload at least $211 million in assets this fiscal year to manage its debt ahead of a planned $14.9 billion takeover of U.S. Steel.

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