Nippon Steel Shares Drop After Report of Convertible Bond Plan

Nippon Steel Corp. dropped after the Japanese company was reported to be considering selling as much as 500 billion yen ($3.2 billion) of convertible bonds.

The steelmaker is weighing a final decision as soon as this month, Reuters reported on Thursday, citing two unidentified people with knowledge of the matter. A company spokesperson told Bloomberg News that nothing has been decided.