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The Fair Trade Commission said Wednesday it has informed Nippon Steel Corp. and Sumitomo Metal Industries Ltd. the same day that it conditionally approves of their planned merger, paving the way for the creation of the world’s second-largest steelmaker by output.

The antimonopoly watchdog, which has assessed the merger application the two firms submitted at the end of May, said they can merge on condition they take measures to prevent their domestic market share in the fields of nonoriented electrical steel sheets and high-pressure gas pipe engineering business from becoming illegally big.

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