Nippon Steel not to import from overseas mills in bid to save US Steel deal
Nippon is looking to close its $14.9 billion deal for US Steel by the end of the year.
Finnish mining equipment maker Metso denied on Monday market rumours suggesting it was in talks with Sweden’s Sandvik to acquire the rival’s mining unit, potentially creating a regional Nordic giant.
Swedish business daily Dagens Industri had reported over the weekend that Metso shareholders were mulling a merger of the company with Sandvik’s mining business.
“Metso has no information related to the speculations and no related insider project exists,” Juha Rouhiainen, vice president of investor relations said in the statement.
Speculation around a potential tie-up comes as Metso announced earlier this year that it would restructure its minerals equipments business, leading it to cut about 240 positions globally.
The planned measures, the company explained at the time, will address the changes in the market environment that are driven by an increasing emphasis on strategic minerals that support the energy transition.
The two companies have bought each other’s units in the past. In 2006, Sandvik acquired Metso’s Powdermet AB division, which manufactured powder metallurgy components through hot isostatic pressing (HIP-technology) into near net shape.
Metso and Sandvik are both major players in the mining and construction equipment industry. Any potential merger or collaboration would mean a game-changer for the sector.
