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Business deals

Nippon Steel to buy Thai steelmakers in $772m deal

G Steel's and GJ Steel's electric furnaces to help Japan maker emit less carbon

Nippon Steel's acquisitions in Thailand come as the company reduces its capacity in Japan, in line with falling demand in its home market.

TOKYO -- Nippon Steel on Friday announced it will acquire two electric-furnace steelmakers in Thailand, G Steel and GJ Steel, in a deal that could reach about 88 billion yen ($772 million).

Nippon Steel will use the acquisitions to strengthen its business in Southeast Asia and help reduce its carbon footprint.

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