Japan’s Marubeni buys stake in Spain's Network Steel

Market: Metals
19/03/24

Japanese trading firm Marubeni has purchased a stake of more than 25pc in Spanish steel company Network Steel Resources.

The deal is understood to have been completed today and includes Network's subsidiaries, including re-roller Coated Solutions, trading arms and steel service centres, operated under company Plafesa.

The news comes as Japanese steelmaker Nippon Steel is looking to purchase US Steel, including its Kosice subsidiary in Slovakia.

There are talks that more Japanese companies are looking to expand operations in Europe, amid safeguard measures, as well as an anticipated investigation into dumping practices by the bloc. Nippon Steel is among the industrial partners approached by the Italian government for troubled steelmaker Acciaierie d'Italia, according to some market participants.

Japan over the past year has become one of the top suppliers of flat steel products in the EU. Latest trade data show that 325,000t of the 1.54mn t of hot-rolled coil imported into the EU in January came from Japan.

By Lora Stoyanova

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