Nippon Steel ends stormy, half-century partnership with Baosteel

As Chinese steelmaker has gone from student to rival, Nippon Steel is at a turning point

Baosteel, a unit of Baowu Steel Group, has become one of the world's largest steelmakers by output. © Reuters

TAKASHI SUGIMOTO, Nikkei senior staff writer

July 25, 2024 06:19 JST

TOKYO -- Nippon Steel's exit from its joint venture with China's Baoshan Iron & Steel, or Baosteel, was announced with little fanfare, an end emblematic of its fraught relationship with the student-turned-rival.

Nippon Steel posted a short online notice on the withdrawal from the venture on Tuesday. It did not hold a news conference or file a disclosure with the Tokyo Stock Exchange, even though the event marked the end of a historic partnership.