Nippon Steel Shares Tumble on Concern Over Massive Bond Sale

Nippon Steel Corp. shares slumped after the company said it planned to sell almost $4 billion of bonds to help fund the acquisition of United States Steel Corp.

Shares of Japan’s biggest steelmaker fell as much as 5.3% after the open in Tokyo. The company is seeking 600 billion yen ($3.9 billion) from an upsized sale of convertible bonds to help repay bridge loans it took out for the US Steel purchase.