The world's number four steel maker Nippon Steel, has announced a deal with Australia's BlueScope. It's the latest overseas move by a Japanese mill.
The Japanese steel maker made a 705 million US dollar recurring profit in the second quarter, a return to the black but far below market expectations. Nippon Steel expects a full-year profit exceeding 2.5 billion US dollars, as mills recover on a pickup in Chinese demand and Southeast Asian infrastructure spending.
Facing weak domestic demand, Japanese mills are expanding overseas. One day earlier, rival JFE Holdings spent one billion US dollars for a 15 percent stake in India's third-ranked JSW Steel.