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Nippon Steel and ArcelorMittal draw closer with China's rise

Former rivals turn sights to growing demand in India and Southeast Asia

ArcelorMittal's steel plant in Ontario, Canada: Nippon Steel had at one point feared a possible takeover by its larger rival, but the companies have since become allies.   © Reuters

TOKYO -- With cheap Chinese steel flooding the global market, Nippon Steel and ArcelorMittal have set aside their past differences to cooperate more closely in a fast-changing industry.

The companies have not always been on friendly terms. At one point, Nippon Steel had taken steps to ward off a potential hostile takeover from its much larger competitor. But they have forged a partnership in recent years, as they consider joint investments in a wide range of markets, from the U.S. to Southeast Asia.

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