Nippon Steel raise stake in tinplate firm
Nippon Steel has agreed to acquire a majority stake in tinplate producer Siam Tinplate.
In December, the Japanese company announced that it was increasing its stake in the Thai business to around 90% after agreeing to acquire shares held by existing investors.
Nippon Steel will make it a subsidiary by February 2021 while the remaining 10% will be held by Thai firms.
The Japanese outfit started investing in the company in 1990 and it has supplied tinplate and tin free steels for customers as a manufacturing and sales base in Thailand
Siam Tinplate has a production capacity of 140,000 t/yr of tinplate and 120,000 t/yr of tin-free steel.
Siam Tinplate is currently owned 71.5% by Japanese companies, including 15.6% by Nippon Steel, and 28.5% by Thai firms.
The other Japanese investors include trading firm Sumitomo, steel joint venture Metal One and Nippon Steel’s steel trading arm Nittetsu Shoji.
A Nippon Steel announcement read: “Thailand is a base for food can exports to many countries, and the demand for tinplate is expected to continue.
“With the consolidation of STP, Nippon Steel will reinforce its management foundation consistent with NS-Siam United Steel Co., Ltd. (NS-SUS), which is a manufacturing base for black plates.”
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