Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. said Tuesday that they have reached an agreement to integrate their steelmaking machinery operations, a move that would create the world's second-largest manufacturer of such equipment.
"We have reached an agreement to collaborate in rolling mills in the hopes of securing a leading role in the global market," the two companies said in a statement.
"We will examine ways to build a full-scale partnership that will cover design and manufacturing," they said.