OREANDA-NEWS. March 19, 2012. Nippon Steel Corporation (President: Shoji Muneoka) and Sumitomo Metal Industries, Ltd. (President: Hiroshi Tomono) have undergone merger reviews by the relevant authorities inside and outside of Japan for the business integration of the two companies scheduled for October 1, 2012. As we have already made known, the Japan Fair Trade Commission approved the integration by issuing a “Notification To the Effect That a Cease and Desist Order Will Not Be Issued” on December 14, 2011.

The Ministry of Commerce of the People’s Republic of China notified that it will not prohibit the integration of the two companies in the “Notification of Review Decision.” Thus, the two companies have obtained all approvals for the business integration by the relevant authorities inside and outside of Japan that require prior review.

We are making every effort to prepare for the business integration, aiming to become “The Best Steelmaker with World-Leading Capabilities.” The integration is scheduled to be fully consummated on October 1, 2012, after a merger agreement is executed in April and such merger agreement is approved at the two companies’ respective shareholders’ meetings in June 2012.