Nippon Steel Hardfacing Ties up with KIC in Surface Reforming

Nippon Steel Hardfacing, which is the affiliate of Nippon Steel Corporation and maker of surface reformed steel rolls, announced on Wednesday the firm signed strategic alliance agreement with KIC of South Korea. They, which already have technical partnership, develop wider cooperation including marketing, procurement, technical development and offshore strategy. Nippon Steel Hardfacing will acquire 2.3% of KIC’s issued stocks for around 100 million yen. They seek synergy through wider technical support and consignment production expanding the business each other.Nippon Steel Hardfacing and KIC held a signing ceremony in South Korea on April 7. Nippon Steel Hardfacing will complete to purchase share of KIC next week. The firms plan to widen the cooperation fields more in the future with possibility that KIC would acquire stocks of Nippon Steel Hardfacing and that the firms might form a joint venture. Under the alliance, the top executives hold meeting every half year and subcommittee tries to realize actual cooperation.