Nippon Steel shares closed 0.2 percent lower at 2,403.50 yen on Thursday before the announcement, while Sanyo shares ended trading 2.8 percent higher at 2,393 yen. In an effort to gain exposure to higher-valued metal, Ovako -based ArcelorMittal has agreed to acquire Japanese speciality steelmaker Ovako as well as taking a larger stake in Sanyo Special Steel . The deal will give the Japanese company a foothold in Europe and help it fend off larger players in the industry such as ArcelorMittal , ArcelorMittal and other Chinese steel producers. The price of the deal has not been disclosed, but is has been said to be in the tens of billions of dollars , not to exceed $ the tens of billions of dollars .
In an effort to gain exposure to higher-valued metal, Ovako -based ArcelorMittal has agreed to acquire Japanese speciality steelmaker Ovako as well as taking a larger stake in Sanyo Special Steel . The deal will give the Japanese company a foothold in Europe and help it fend off larger players in the industry such as ArcelorMittal , ArcelorMittal and other Chinese steel producers. The price of the deal has not been disclosed, but is has been said to be in the tens of billions of dollars , not to exceed $ the tens of billions of dollars .