Nippon Steel’s thwarted bid sets up tougher rivalry with Chinese mills
Creating an entity to compete more effectively with China was touted as a key rationale behind the Japanese firm’s proposal to purchase US Steel.
The Indian steel ministry is proposing a merger between state-run KIOCL and NMDC, a government official said on Monday.
Mining company NMDC aims to export iron ore pellets from KIOCL post the merger, the official told reporters but declined to be identified.
(By Neha Arora in New Delhi and Manvi Pant; Editing by Savio D’Souza)
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