Japan’s biggest steel maker is top of the pile no more, as a resurgent yen hands a competitive advantage to overseas rivals amid an unprecedented global glut.

Nippon Steel & Sumitomo Metal Corp. has been overtaken as the world’s most valuable producer by Europe’s ArcelorMittal and is neck and neck with a revitalized Posco in South Korea for second place. In China, meanwhile, signs are emerging that the government is set to combine its biggest mills into two national champions, each far surpassing Nippon Steel in terms of output.

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