Japanese steelmaker Nippon Steel & Sumitomo Metal Corporation (NSSMC) has announced that, as a result of the review by the Japan Fair Trade Commission (JFTC) regarding the proposed transaction to make Sanyo Special Steel Co., Ltd. (Sanyo) a subsidiary of NSSMC, the JFTC has concluded that the proposed transaction will not substantially restrain competition in the particular fields of trade.
NSSMC said that it has obtained all approvals from the foreign competition authorities required prior to the consummation of the proposed transaction.