TOKYO: Japan's largest steelmaker, Nippon Steel Corp., has joined with Sumitomo Metal Corp. to form the world's second-biggest steel maker.
The newly formed entity, Nippon Steel & Sumitomo Metal Corp., said yesterday it aims to expand its global operations, especially in China, India and other emerging countries, where demand is expected to grow, while consolidating operations in the shrinking Japanese market.
NSSMC has an annual steel production capacity of about 50 million metric tons, a distant second behind Luxembourg-based ArcelorMittal SA.
The two companies formed an alliance in 2002, and say they aim to streamline operations to improve their competitiveness amid a shake-up of the global steel industry that has boosted rivals such as China's Baoshan Iron & Steel Corp.
The company says it aims to boost its annual output to as much as 70 million metric tons within the next five to 10 years.
Nippon Steel reported a net 87.5 billion yen ($1.1 billion) loss in the April-July quarter, which it mostly attributed to losses on investments in securities due to weakness in stock prices.
The company had a stock market value of about $23 billion at the time it announced it was taking over Sumitomo Metal, which was worth $12.5 billion.
It is the first takeover in Japan's steel industry since NKK and Kawasaki Steel joined forces in 2002 to create Japan's No. 2 steel maker, JFE Holdings Inc.
Nippon Steel & Sumitomo Metal's shares fell 1.25 percent to close at 158 yen ($2.02) yesterday in Tokyo.
Nippon Steel, Sumitomo Metal join hands
Nippon Steel, Sumitomo Metal join hands
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
