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Japan's NSSMC, South Korea's Posco extend strategic alliance for another 3 years

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Japan's NSSMC, South Korea's Posco extend strategic alliance for another 3 years

Tokyo — Japan's Nippon Steel & Sumitomo Metal Corp, NSSMC, and South Korea's Posco, the two largest integrated steel companies in North Asia, have agreed to extend their comprehensive strategic alliance for another three years, a NSSMC spokeswoman confirmed Friday.

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The spokeswoman said that both companies reviewed the existing alliance contract on August 1, and agreed to make no changes to the contract. The companies signed the contract for another three years from August 2, 2018 to August 1, 2021.

"We shortened the contract period from five years to three years from last contract, which was effective from August 2015. We kept the three years contract, so we can review it before market environment changes largely," the spokeswoman said.

The alliance was mainly involved in technological exchanges, such as research in the development of dust recycle technologies, and other environment areas.

"We are partners, but also competitors. So we basically don't collaborate in product areas," she said.

Currently, NSSMC owns a 3.3% stake in Posco, and Posco holds a 2.5% share of NSSMC. Three years ago when the previous contract was signed, NSSMC had a 5% stake in Posco, while Posco's share in NSSMC was 2.5%, S&P Global Platts reported earlier.

--Yoko Manabe, yoko.manabe@spglobal.com

--Edited by Norazlina Juma'at, norazlina.jumaat@spglobal.com