Two of Japan's major steelmakers plan to tie up

15:25, February 04, 2011      

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Nippon Steel and Sumitomo Metal Industries, two of Japan's major steelmakers, have decided to start tie-up talks.

Nippon Steel, Japan's largest steelmaker, and Sumitomo Metal, the third-largest, planned to integrate their operations around Oct. 1, 2012, the public broadcaster NHK reported on Thursday.

The move is believed to enhance their global competitiveness as demand from China and other emerging economies is growing.

The two steelmakers had already held stakes in each other and integrated production of stainless steel products, according to the NHK report.

Source: Xinhua
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