Yodogawa Steel Works announced on Wednesday the firm enters cross shareholding with China Steel Corporation of Taiwan. The firm tries to improve the relationship with CSC for better procurement of hot rolled coil stably. CSC purchases 2 million shares of Yodogawa Steel, which represents 1.09% of outstanding shares, at 607 yen per share based on averaged price from August 1 to August 28 at Tokyo Stock Exchange. The firm pays the consideration by September 18. With the payment, Yodogawa Steel will buy 1.214 billion yen of CSC’s share in September. They agree to report share transaction each other when one of them releases the partners’ share during 2 years after CSC purchases Yodogawa Steel’s share.
Japan Steel Scrap Composite Prices (Sangyo Press)
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