Japan's largest steel company; Nippon Steel gold will purchase the fourth place; Nissin steel. Two the company will hold a press conference that afternoon. The iron and steel industry due to overproduction of Chinese manufacturers caused by market downturn, operating environment is not optimistic, the acquisition is intended to improve international competitiveness.
Japan has steel from raw materials; blast furnace steel companies will be integrated into three, namely Nippon Steel Sumitomo, JFE Holdings and Kobe Steel Institute.
"It is a fact that we are exploring measures to strengthen cooperation, including turning Nippon Steel into a subsidiary company," Nippon Railway Sumitomo and Nippon Steel said in a statement Wednesday.
Nippon Railway Sumitomo currently owns about 8% of Nippon Steel, the largest shareholder, and the two sides have established a cooperative relationship.