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Japan - Toyohira Steel to become wholly owned unit of JFE Steel

Major Japanese steelmaker JFE Holdings Inc announced that its wholly owned subsidiary JFE Steel Corp. will acquire 100% ownership of Toyohira Steel Corp in February.

JFE Holdings said that Sapporo based electronic furnace steelmaker Toyohira Steel is currently owned more than 50% by JFE Steel and will be de listed from the Sapporo Securities Exchange on February 14.

The transaction will take place amid weakening funding requirements at Toyohira Steel due to faltering demand for steel products for use in construction work.

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