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Nippon Steel Corp. said Friday it plans to create one of the world’s largest commercial and amusement complexes on idle land currently occupied by its Sakai iron mill in Osaka.

The coastal redevelopment project will occupy some 40 hectares. The first phase will see facilities built on 31 hectares to house outlets that will be operated by large retailers, including the furniture store chain Shimachu Co., Nippon Steel said in a release.

The first phase will open to the public in fiscal 2005.

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