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Nippon Steel to merge with subsidiary to counter industry headwinds

Nippon Steel Corp. said Oct. 3 that it will merge with its subsidiary Nippon Steel Nisshin Co. Ltd., wherein Nippon Steel Corp. will be the surviving company, effective April 1, 2020.

The company noted that it needs to implement measures to pursue greater total optimization, given the deteriorating environment surrounding the steel industry.

Nippon Steel also said that it is shutting down one of the two steel-making plants at its Kimitsu Steel Works in Japan's Chiba prefecture for repairs until the end of December.