Tokyo Steel Cos. In Dance To Become Global Giant

Law360, New York (February 3, 2011, 3:40 PM EST) -- 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...
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