TOKYO Nippon Steel &
Sumitomo Metal Corp.s two trading wings, Nippon Steel
Trading Co. and Sumikin Bussan Corp., are set to merge Oct.
Nippon Steel Trading will absorb
Sumikin Bussan in a 1.08-for-1 share swap.
The move is aimed at increasing
efficiency amid an increasingly competitive environment, and to
allow the new company to accelerate its global strategy,
particularly in emerging economies, and to expand its customer
base both at home and overseas.
The new company will aim to achieve a pre-tax profit of 30
billion yen ($307 million).
A version of this article was
first published by AMM sister publication Steel First.