Nippon Steel hires Mike Pompeo to advise on US Steel deal
Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses.
The firm is closing several facilities in the U.S. and Europe, as part of a two-year business reorganization set to conclude in the next fiscal.
Swedish equipment and tool manufacturer Sandvik Mining (STO:SAND) has unveiled plans to relocate its various global mining equipment facilities to India and China from the U.S. and Europe, as part of a two-year business reorganization set to conclude in the next fiscal.
Kobus Malan, president emerging markets for Sandvik, told The Hindu’s Business Line the company is concentrating on cost-efficiencies and shifting its operations. Beginning next fiscal year, it hopes that underground coal mining gear business drives the growth of its operations in India, a country where it has had strong presence since 1960.
In September the firm announced the sale of Sandvik Materials Technology (SMT)’s steel distribution business in Australia and New Zealand to Vulcan Steel Ltd. Further disposals of smaller units may be considered as part of an “active portfolio management model,” the company said.
“We will prune the portfolio by divesting areas where we see lesser potential for Sandvik, while at the same time making acquisitions and build in areas where we see more potential,” Chief Executive Officer Olof Faxander said.
On Monday the group announced it was closing down its Die Cutting business in Qingdao, China.
