Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Nippon Steel Stainless Steel Corporation (NSSSC) appointed board members resigned from their posts as board members of Spain’s Acerinox, late last week.


According to a local media report, while NSSSC reportedly holds 15.81pc of the share capital in Acerinox, the decision was made from a desire to only maintain a financial involvement within the Spanish steelmaker without management participation.


Board members Ryo Hattori and Mitsuo Ikeda communicated their resignation to the chairman of the board, Rafael Miranda. The resignations do not reflect any change in NSSSC’s shareholding in Acerinox.


The Japanese steelmaking group is the second-largest shareholder of Acerinox behind Corporación Financiera Alba, which controls 18.95pc of the organization.


Acerinox operates three electric arc furnaces and two AOD converters with the capacity to produce 1.07mn mt of steel per year.


The melt shops have the capability to feed slab and plate rolling mills, which can also feed the 600,000mt per year cold rolling line that produces strips, sheets, flat bars, and circles.


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