Nippon Steel Corp. (5401.TO) and Sumitomo Metal Indutries Ltd. (5405.TO) said Thursday they will consider merging their operations around Oct. 1, 2012, in what would mark the first major consolidation in the nation's steel sector in a decade.

Nippon Steel and Sumitomo Metal, Japan's biggest and third biggest steel maker by output, said in a joint statement that they aim to merge their operations under the umbrella of a new holding company. They said details such as a merger ratio have not been decided.

-By Kazuhiro Shimamura and Hiroyuki Kachi, Dow Jones Newswires; 813-6269-2789; Hiroyuki.Kachi@dowjones.com
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