Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) has announced that it will conduct a share exchange with Sumitomo Pipe & Tube Co., Ltd. (SPT) effective as of August 1, 2013 to incorporate SPT as its wholly owned subsidiary. Accordingly, common shares of SPT are scheduled to be delisted as of July 29, 2013, from the first section of the Tokyo stock exchange.
Additionally, NSSMC, SPT and Nittetsu Steel Pipe Co., Ltd. (NSP) have reached a basic agreement with the aim of further increasing the competitiveness of the businesses. The electric resistance-welded tube businesses for mechanical structures and general structures which the three companies operate will be reorganized, focusing on the merger of SPT and NSP effective as of October 1, 2013.