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Nippon Steel to take control of smaller rival as supply glut bites

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Nippon Steel president Kosei Shindo (centre) with Nisshin Steel president Toshinori Miki (right); the two firms struck a memorandum of understanding on Monday to turn Nisshin into a subsidiary.

Tokyo

JAPAN'S top steelmaker Nippon Steel & Sumitomo Metal Corp unveiled a plan on Monday to take control of fourth-ranked rival Nisshin Steel and trim some of their combined steel output in the face of a global supply glut.

A deal would be the latest in a series of

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