Nippon Steel Corporation, Japan's biggest steel maker, and Sumitomo Metal Industries Limited, the nation's third ranked steel maker, announced on February 3rd 2011 a plan to merge in October 2012. The merger, if it materializes, will bring about the world's No 2 steel maker after Luxembourg based ArcelorMittal, which produces about 10% of the world's crude steel. The merger follows two major consolidations…