TOKYO – On Tuesday, Japan’s Nippon Steel said it would sell 2.9 million shares in South Korea’s Posco Holdings (NYSE: PKX) to “improve asset efficiency”.
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 reportedly plans to offload at least $211 million in assets this fiscal year to manage its debt ahead of a planned $14.9 billion takeover of United States Steel (NYSE: X).
(Source: ReutersReuters)
