Nippon Steel Corp. (NSC) and Sumitomo Metal Industries (SMI) Ltd. announced Dec. 26 that they will consolidate their stainless steel businesses. The two companies will establish a new joint subsidiary company by October, tentatively named Nippon Steel Sumikin Stainless Steel Corp. Share allotment ratios of NSC and SMI will be 80 and 20 percent respectively, according to the ratio of existing assets of their production facilities for the present corporate split scheme. Businesses of the newly consolidated company will consist of stainless steel sheets, medium and heavy plates, round bars and slabs, providing that SMI's businesses at Kokura (bars and rods) and Naoetsu (special stainless and high alloy steels) are excluded.
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