Nippon Steel to Sell All Shares in S. Korea's Posco

Tokyo, Sept. 24 (Jiji Press)--Nippon Steel Corp. said Tuesday it will sell all the shares it currently owns in South Korea's Posco Holdings Inc., in a bid to improve its capital efficiency.

The Japanese steelmaker will decide when to sell the Posco shares while monitoring market conditions and other factors.

Proceeds from the sale are estimated to total about 1.1 trillion won, or 120 billion yen, based on Posco's share price as of Monday's close.

Since 2000, the two companies have promoted cross-shareholdings and technology exchanges, including concluding a strategic partnership agreement. Their partnership will continue after the share sale.

Nippon Steel said that the impact of the share sale on its earnings for the business year through March 2025 is not yet known.

[Copyright The Jiji Press, Ltd.]