Nippon Steel and Sumitomo Metal Industries submit merger plan soon based on anti-monopoly low to Japan Fair Trade Commission. The commission will review the plan for 30 days after the acceptance. The commission would seek additional information from the companies. The review could take 120 days after the acceptance of the plan or 90 days after potential additional plan.
The commission reviews the plan in detail parts including market share for each items. The commission concludes the review mainly if the buyers have alternative source in international market. The commission will take into account the international market condition. Nippon Steel’s president Shoji Muneoka and Sumitomo Metals’ president Hiroshi Tomono visited the commission’s chairman Kazuhiko Takeshima on Friday to explain the plan. They submit required plan to the commission while they could choice prior consultation system, under which they adjust the plan during the consultation. The review could take more time than 120 days after the commission’s acceptance if the commission requires additional information while the review could finish sooner. The commission is willing to check the international steel market in the availability for the automakers and other steel buyers from offshore steel makers. The commission checks not only domestic market share but also international alternative source, possibility of newcomers and the steel users’ bargaining power balance. Minister of Economy, Trade and Industry Banri Kaieda said at the press conference on Friday the proposed merger is positive for the government’s new growth plan and the government requires the commission of fair understanding and decision based on international reality. He said the government will provide full scale support to the steel makers for the merger. The government indicates the support in talk with the commission and law revision for smooth review procedure on merger.Japan Steel Scrap Composite Prices (Sangyo Press)
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