Two of Japan's biggest steelmakers will formally merge on Monday, creating the world's second largest firm in the sector as they look to outpace their Chinese and South Korean rivals.
Nippon Steel, the nation's number one steel company and third-ranked rival Sumitomo Metal Industries will combine to form a giant second only to India's ArcelorMittal.
Global competition in the steel industry has intensified in recent years even as demand has been spurred by emerging economies such as China, which are undertaking massive construction, infrastructure and manufacturing projects.
But economic fears have weighed on steel demand and Japanese producers have struggled with an unfavourable exchange rate, which saw the yen hit record highs against the dollar late last year.
Even with their economies of scale, Nippon Steel & Sumitomo Metal Corp., will still be a distant second to behemoth ArcelorMittal, with less than half of its annual production.
This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times )
The parents of a nightclub worker killed in an arson fire three years ago filed a suit in the Nagoya District Court on Monday seeking damages against top members of the Yamaguchi-gumi organized crime group. (Tokyo Reporter )
Kyodo News said Monday that it has dismissed Satoshi Kondo, 51, deputy chief of its general administration bureau and former personnel affairs division chief, for meeting individually with a female student searching for a job and doing an inappropriate act.
(Jiji Press )