At the end of last year Nippon Steel and Sumitomo Metal Industries agreed to integrate their stainless steel operations.
To be able to do this, they would both have to divest their stainless steel divisions and then establish a new company. A plan for this has just been approved by the boards of the two companies and the plan has been set into motion.
The new company will be called Nippon Steel & Sumikin Stainless Steel Corp. and will be based in Tokyo.
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