Nippon Steel Corporation
Case brief
What is this about?
The Competition Commission of India assessed a proposed 100% acquisition of Krosaki Harima Corporation by Nippon Steel Corporation. The Commission found no horizontal overlap and concluded that vertical linkages in refractory and steel sectors would not cause appreciable adverse effects on competition due to limited existing linkages and strong competition.
What did the court decide?
Proposed Combination is approved under Section 31(1) of the Act; information treated as confidential.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2025/10/1339)
6th January 2026
Notice under Section 6(2) of the Competition Act, 2002 given by Nippon Steel Corporation
CORAM:
Ms. Ravneet Kaur Chairperson Mr. Anil Agrawal Member Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 17th October 2025, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ), given by Nippon Steel Corporation ( Nippon Steel/Acquirer ). The notice was filed pursuant to a resolution adopted at the meeting of board of directors of Nippon Steel on 1st August 2025 to acquire certain shareholding in Krosaki Harima Corporation ( Krosaki/Target ) [hereinafter, Nippon Steel and Krosaki are collectively referred to as the ‘ Parties ’].
- Nippon Steel, currently, directly and indirectly, holds 46.6% shareholding in Krosaki ( Existing Investment ). Further, to the Existing Investment, Nippon Steel proposes to acquire the entire remaining shareholding of Krosaki ( i.e. , 53.4%) by way of a tender offer and potential squeeze out (if applicable), such that Nippon Steel’s shareholding in Krosaki would be 100%, and Krosaki would be a wholly-owned subsidiary of Nippon Steel ( Proposed Combination ).
Issues for consideration
3 issues framed by the court
Whether the proposed full acquisition of Krosaki Harima Corporation by Nippon Steel Corporation would cause appreciable adverse effect on competition.
Whether vertical linkages between refractory products and steel manufacturing in the proposed combination would result in foreclosure strategies affecting competition.
Whether the Proposed Combination is likely to have an appreciable adverse effect on competition in India.
Parties & counsel
- applicant
Nippon Steel Corporation
- other
Krosaki Harima Corporation
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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