Nippon Steel chief to head new giant

Kyodo

Nippon Steel Corp. and Sumitomo Metal Industries Ltd. plan to appoint Nippon Steel President Shoji Muneoka as chairman of the company that will be created through the merger of the two steelmakers in October, sources said.

Besides giving the chairmanship to the 65-year-old Nippon Steel chief, the two companies plan to appoint Sumitomo Metal President Hiroshi Tomono, 66, as president, according to the sources.

Nippon Steel and Sumitomo Metal, the country’s largest and third-largest steel mills, have said they plan to merge Oct. 1, with the new entity to be named Nippon Steel & Sumitomo Metal Corp.