Nippon Steel faced severe financial challenges from 2018 to 2020, with losses reaching 430 billion yen. As President, Eiji Hashimoto initiated bold reforms to counter these losses, visiting 16 steel mills to outline transformation strategies. Closing outdated blast furnaces and reducing staff were key steps in the recovery.
In May 2022, Nippon Steel reported a significant turnaround, with a 41% increase in sales and an 8.5 times rise in profits. Hashimoto’s emphasis on revising the profit structure and international expansion through mergers, like the acquisition of Essar Steel, demonstrated a long-term vision for growth and resilience.
- Hashimoto’s reforms led to a dramatic financial revival.
- The shift in pricing strategies improved profitability.
- Global expansion combats rising protectionism.
Discover more on Nippon Steel’s turnaround at Nippon Steel Recovery.
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