Law360, New York (February 03, 2011, 3:40 PM ET) -- Japan's Nippon Steel Corp. and Sumitomo Metal Industries Ltd. said Thursday they hope to merge into a new company that would vault ahead of China's Baosteel Group Corp. as the world's second-largest steelmaker.
"It would be the largest in Japan, the largest in Asia, but a distant second on the world stage," said Henry Cooke, global editor of Steel Business Briefing, a steel industry news provider, on Thursday.
The largest global steelmaker by far is ArcelorMittal, which produced more than 103 million tons of steel last...
Tokyo Steel Cos. In Dance To Become Global Giant
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