In an effort to gain access to higher - valued markets , Tokyo - based Nippon Steel & Sumitomo Metal has agreed to acquire Swedish 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 , Posco and other Chinese steel producers . A logo of Nippon Steel & Sumitomo Metal Corp is seen outside the company's headquarters in Tokyo February 7, 2014. The price of the deal has not been disclosed , but is has been said to be in the tens of millions of dollars , not to exceed $ 100bn .
In an effort to gain access to higher - valued markets , Tokyo - based Nippon Steel & Sumitomo Metal has agreed to acquire Swedish 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 , Posco 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 millions of dollars , not to exceed $ 100bn .