January 18, 2019
Kobe Steel, Ltd.
Kobe Steel, Ltd. has been having discussions with Nippon Steel & Sumitomo Metal Corporation ("NSSMC") and Sanyo Special Steel Co., Ltd. ("Sanyo") for Kobe Steel to receive a portion of NSSMC’s business and Sanyo’s business regarding small-diameter seamless steel pipes and tubes for bearings ("the products") manufactured and sold by NSSMC and Sanyo. In addition, with this transfer Kobe Steel would receive a certain percentage of a stake in rolling mills owned by Sanyo. Within the scope of those rights, Kobe Steel would commission the operation of the rolling mills and production of the products to NSSMC and Sanyo.
On the premise that Kobe Steel would begin selling the products in April 2019, Kobe Steel, NSSMC and Sanyo have already concluded a basic agreement for the above points. Under the basic agreement, the three companies plan to conclude a practical agreement to set the details for executing the plan.
To date, Kobe Steel has been manufacturing and selling steel wire rod and bar products for bearings. By adding seamless steel pipes and tubes for bearings to its menu, Kobe Steel will be able to meet the diverse needs of its customers for bearing applications.
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