7/13, 2:55 AM (Source: TeleTrader)
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Nippon Steel to offload $1.9B in assets to buy Essar

Nippon Steel is planning to sell assets worth 200 billion yen ($1.9 billion) to buy Indian Essar Steel, the Nikkei Asian Review reported on Saturday.

The Japanese company's executive vice president Katsuhiro Miyamoto said that "we intend to use [the capital] for things like the Essar acquisition." Nippon Steel originally intended to sell 100 billion yen in assets by the end of the fiscal 2020.

The acquisition of Essar is part of a joint acquisition by Nippon Steel and ArcelorMittal.

Breaking the News / VP