Nippon Steel to Acquire CLN Steel Service Centre at Kosice Steelworks

Kosice, 3 November (TASR) - Nippon Steel Trading Corporation has decided to acquire C.L.N. Slovakia s.r.o. (CLN SK), which is located within the premises of Nippon Steel Slovakia's steelworks based in Kosice, according to a press release published on the website of the Kosice steelworks. CLN SK operates as a steel service centre specialising in processing steel products for the automotive industry. The Japanese company aims to strengthen its steel distribution and processing operations in Europe through the acquisition. CLN SK is currently owned by Italian industrial company C.L.N. Coils Lamiere Nastri S.p.a. The acquisition is being carried out via Nippon Steel Trading Austria GmbH, Nippon Steel's European subsidiary. "This acquisition represents a strategic business investment in line with one of the growth strategies set out in our medium- to long-term management plan – the expansion of overseas operations. Our company will continue to pursue initiatives aimed at further business growth," said the Japanese company. Nippon Steel Trading is acquiring all CLN SK shares, making use of its processing capabilities, customer base and operational expertise. "By continuing to operate CLN SK, our company aims to further localise its operations in Europe, while improving services in the production of high added-value steel products and strengthening supply chains," states the press release. The goal is to expand business opportunities and improve profitability in the automotive, construction and engineering industries, as well as in the household appliances and solar energy sectors. CLN SK has been operating since 2007. When the acquisition is completed, it should change its corporate name to 'NST Service Centre Slovakia s.r.o.'. ko/df