Nippon Steel, the world’s fourth-largest steelmaker by volume, and Sumitomo Metal Industries, Japan’s third-largest steel company, have agreed to merge and create the world’s second-largest steelmaker. Nippon and Sumitomo announced their proposed plan of integration in a joint statement issued on Thursday.
The deal is in response to increased competition from Asian rivals and decreased demand for steel from domestic Japanese automakers, Reuters reports. The deal also is the first move in a decade to consolidate the Japanese steel industry, according to The Wall Street Journal.
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