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Toyota Motor Corp., Honda Motor Co., Nissan Motor Co. and other domestic automakers may pay a combined ¥200 billion more for steel in the next business year, eroding their earnings, analysts say.

Asia’s three largest steelmakers agreed to a 65 percent increase in iron ore prices with Cia. Vale do Rio Doce, Tokyo-based JFE Holdings Inc. said in a faxed statement issued Monday.

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