Nippon Steel to take control of smaller rival as supply glut bites
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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 consolidations and plant closures as producers worldwide face a slump in prices due to falling demand and competition from surging Chinese steel exports.
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