After Nippon Steel announced that it planned to merge with Sumitomo Metal Industries Co., Ltd., the Japanese steel industry launched a round of joint mergers and acquisitions. In February of this year Hideo Suzuki, president of Nisshin Steel Co., claimed that in order to participate in global competition, Japanese stainless steel manufacturers must unite. Nisshin Steel stated that it has not yet made any decision on the merger, and Nippon Metals has not held any talks with Nisshin Steel on the merger. Nisshin Steel is the largest shareholder of Japan Metal Industry Corporation and holds 5.12% of its shares. Japan's third largest stainless steel manufacturer, Nisshin Steel, plans to merge with Japan Metal Industries to participate in global competition. On the day of this press release, the two companies’ stocks rose significantly.
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