Japanese steelmaking giants Nippon Steel and Sumitomo Metal Industries have announced that they have lately submitted their relevant application files for their integration plan to Japan's Fair Trade Commission (FTC), adding that they intend to complete their integration by October 2012.
According to the official procedure, the FTC will carry out an investigation to the case in the coming one-month period, expanding the period by another 90 days if needed.
Nippon Steel is the largest steel producer in Japan, while Sumitomo Metal Industries ranks third in Japan in terms of its steel production. In 2010, the total crude steel production of the two steelmakers came to 47.89 million mt.
Once the plan is approved, the new company is expected to become the second largest steelmaker in the world, following ArcelorMittal. (sourced steelorbis)
According to the official procedure, the FTC will carry out an investigation to the case in the coming one-month period, expanding the period by another 90 days if needed.
Nippon Steel is the largest steel producer in Japan, while Sumitomo Metal Industries ranks third in Japan in terms of its steel production. In 2010, the total crude steel production of the two steelmakers came to 47.89 million mt.
Once the plan is approved, the new company is expected to become the second largest steelmaker in the world, following ArcelorMittal. (sourced steelorbis)
Tags: Japan , Nippon Steel , Far East , East Asia and Pacific , steelmaking , M&A
Posts
No comments:
Post a Comment