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Analysis-China exports push Nippon Steel to seek growth in US, India after blocked deal

Reuters
Summary
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81% Informative

Nippon Steel poised to expand operations in U.S. and India as it hunts for growth and protection from cheap Chinese exports.

Japan 's top steelmaker, battling declining domestic demand, made the $14.9 billion bid to grow its footprint in a stronger market.

China has flooded the market with near-decade high export volumes as its struggling property sector weighs on domestic demand.

In India , Nippon Steel has had a joint venture with ArcelorMittal since 2019 , but it is a smaller player compared to Tata Steel and JSW Steel .

To narrow the gap, the joint venture plans to increase steel production capacity to 15 million tons per year by the end of 2026 .

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English

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