Sanyo Special Steel

Sanyo Special Steel's acquisition of Ovako has been completed. Nippon Steel & Sumitomo Metal Corporation increased its ownership in Sanyo Special Steel, making it a majority-owned subsidiary.

Nippon Steel & Sumitomo Metal Corporation (NSSMC) received approval from the Japan Fair Trade Commission and all foreign competition authorities to make Sanyo Special Steel a subsidiary.

The Competition Commission of India has cleared Nippon Steel & Sumitomo Metal Corporation's acquisition of 51% shareholding in Sanyo Special Steel, and the transfer of 100% shareholding in Ovako AB to Sanyo.

Nippon Steel & Sumitomo Metal Corporation (NSSMC) and Sanyo Special Steel have agreed to integrate Sanyo Special Steel as a NSSMC subsidiary, with a target date of March 28, 2019. The deal includes Sanyo acquiring Triako Holdco AB, parent of Ovako, making Ovako a subsidiary of NSSMC.