Shareholders warn Nippon Steel faces higher decarbonisation costs with U.S. Steel takeover
TOKYO - Nippon Steel's proposed acquisition of U.S. Steel risks raising decarbonisation costs for Japan's top steelmaker, an activist shareholder group said, urging the company to address the takeover's impact on its climate goals.
ACCR, which has less than 1% of Nippon Steel's shares, has filed shareholder proposals with two other stakeholders, Corporate Action Japan and Legal & General Investment Management , calling on the company to improve its decarbonisation strategy. Under plans announced in 2021, before the U.S. Steel bid, Nippon Steel estimated that decarbonisation may cost it up to 5.5 trillion yen in capital spending, including research and development, by 2050, with some of the costs to be covered by state support.
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