Toyota Motor has acquired nearly 2% of Daido Steel order to widen its network of suppliers of specialty steel, local reports said.
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Citing an unsourced report in the Nikkei business daily, Thomson Financial said the automaker has apparently been buying shares in the leading specialty-steel producer since last autumn, with a total investment estimated at around JPY7bn (US$67.3m).
Toyota began procuring specialty steel used to make transmission components and other auto parts from Daido Steel in 2006, the report added.
