Nikkei News quoted Mr Shoei Utsuda chairman of Japan Foreign Trade Council Inc as saying that the planned merger between Nippon Steel Corporation and Sumitomo Metal Industries Limited is good news for the steel industry.

Mr Utsuda, who is also chairman of Mitsui & Co, said that "It is good that the Japanese steel industry will be restructured so as to be able to compete globally."

Mr Utsuda said that the industry restructuring will probably not have a large impact on trading companies.

As for the Japan Fair Trade Commission, which will vote on whether to approve the merger, Mr Utsuda said the FTC needs to be more flexible than it used to be toward such unions because of how globalized the world has become.

He also predicted that if the merger is approved, restructuring moves will be much more active in industries where fierce competition has been a serious issue.

(Sourced from www.nikkei.com)