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Business deals

Nippon Steel finally gets rolling on acquisitions

Ovako and Sanyo Special deals reflect improving market conditions

Nippon Steel seeks a sharper edge in specialty products.

TOKYO -- Nippon Steel & Sumitomo Metal will buy Swedish counterpart Ovako Group and intends to turn equity-method affiliate Sanyo Special Steel into a subsidiary, forging ahead with a long-awaited business expansion as market conditions have improved.

"Both companies have the world's top-level production technologies," Toshiharu Sakae, a Nippon Steel executive vice president, told reporters Thursday as the deals were announced. "We hope that the three companies will work together and combine technologies to strengthen the business foundation."

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