Nippon Steel & Sumitomo Kim changed its name to Japan Steel, and the new president took office!

Release time：Apr 22, 2019 From：admin

On April 1st, Japan’s Nippon Steel & Sumitomo was renamed Japan Steel, and Hashimoto Hideaki (63), who became president on the 1st, recently accepted an interview with Kyodo News. The company’s business policy stated: “The foundation is manufacturing power and sales. The foundation that will strengthen the competition in global competition is the biggest issue at present." The company will focus on restoring a stable production system that has been shaken by successive equipment failures to ensure a properly profitable sales model. 

    It is understood that "Nippon Steel" is the former name of Nippon Steel and Living Gold more than 70 years ago. At that time, the company was established after the merger of the Eight Diagrams Iron Works, which was famous in 1934 as a symbol of the “product development policy” during the Meiji period, but was dissolved in 1950. Regarding the change of company name, Hashimoto said: "As a Japanese iron-making company, it will develop globally." He also said: "If you consider the possible business restructuring in the future, an inclusive name is more appropriate." 

    Hashimoto said that the use of Internet technology (IT) and artificial intelligence (AI) "is one of the competitive elements of enterprises." He pointed out that this became the key to stable production in the process of upgrading technicians. In terms of sales, Hashimoto expressed a certain sense of crisis: if it continues to carry out low-cost sales that cannot be filled by cutting costs, it may also hinder the updated investment in aging equipment. 

    Hashimoto Eiji graduated from Hitotsubashi University. In 1979, he joined Nippon Steel Corporation (Nippon Steel & Sumitomo Metal Co., Ltd.) and served as executive executive director. He became the deputy director in April 2016. Hashimoto has been responsible for overseas business for a long time. He is currently the Head of Global Business Promotion. The appointment is also intended to further expand the overseas business that Nippon Steel & Living is striving to strengthen. 

    Nippon Steel will jointly acquire the Indian giant Essar Steel with ArcelorMittal, the global leader in steel. Hashimoto said: "The company will be internalized in the most promising markets in the world and benefit from development." The acquisition plans to spend more than 300 billion yen (about 18.1 billion yuan), which will become the history of Japan's steel industry. The largest acquisition project.