Nippon Steel Corp. and Sumitomo Metal Industries Ltd. will cease production of certain steel products that are unprofitable for each while increasing production of the other's discontinued item, company officials said Thursday.
Nippon Steel will withdraw from seamless pipes and Sumitomo Metal, Japan's largest maker of seamless pipes, will increase production of the pipes, the officials said.
Sumitomo Metal plans to halt production of stainless steel sheets. Instead, they will be supplied to the company by Nippon Steel, Japan's largest producer of the product, the officials said.