Major trading houses Mitsubishi Corp. and Nissho Iwai Corp. have agreed to integrate their steel business operations, industry officials said Wednesday.
The companies are expected to announce the alliance later today. The move will create a business entity with the largest sales in the steel industry, the officials said.
Mitsubishi and Nissho Iwai are likely to spin off their steel operations later this year and integrate them in fall 2002 by establishing a joint steel venture.