Nippon Steel Stainless Steel Corp., Nippon Steel Trading Corp., and Sumitomo Corp. signed an agreement on the merger of Japanese domestic stainless steel plants.

It was planned to merge NS-Stainless Corp. stock 1/3 shared by each of the three parties and a wholly-owned subsidiary of Nippon Steel Stainless Steel Corp. and then established a new company on October 1, 2020.

The new company will focus on stainless steel distribution and deepen the integration of strategic cooperation with users in terms of demand and application development solutions to meet the market needs.