According to Commercial Times, the 1st largest steel plant, Nippon Steel Corporation and the 3rd largest company, Sumitomo Metal Industries announced that they agreed to commence consideration of the merger of their entire businesses, which will make both companies become the 2nd largest steel company in the world, second to the leading steel company, ArcelorMittal. The merger is expected to revitalize the weak economy and promotes the trend of mergers for steel industry.

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