Nippon Steel is set to acquire the stake of other shareholders in Siam Tinplate in Thailand and to make the company its subsidiary. After the acquisition, Nippon will have 90pc stake in Siam, with 10pc with Thailand shareholders.
Other Japanese shareholders, Metal One Corporation and Sumitomo Corporation, have agreed for the acquisition. The transaction could complete by Feb 2021.
Siam Tinplate engages in the manufacturing and sales of tinplate and tin free steel and is situated in Rayong, Thailand. It has tinplate lines with an annual capacity of 140,000mt and tin free steel manufacturing capacity of 120,000mt. The company has a capital of THB800mn and was established in August 1988. Nippon Steel had begun its investment in Siam since 1990.