Nippon Steel, Sumitomo Metal Industries Merge
Nippon Steel Corp., Japan's largest steelmaker, merged with Sumitomo Metal Industries, the nation's third-largest steelmaker, to form Nippon Steel & Sumitomo Metal Corp. The merger creates the world's second-largest steel company, with a combined annual capacity of 46.1 million metric tons, trailing only ArcelorMittal. The new company also supplies metal for forging as well as finished cold- and hot-forged components. The merged company has plans to expand global operations in China, India and other emerging countries while consolidating its operations in Japan.