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***COMMENT: Japan's steelmakers see future in India

January 29, 2010 - 12:32 GMT Location: Singapore

KEYWORDS: Nippon , Japan , JFE , steel , Sumitomo

First JFE Steel, then Sumitomo, now Nippon Steel. Japan’s top steelmakers are all hurrying for a stake in India’s future as a major carmaker and huge market for automotive steels.

Nippon Steel and Tata Steel last week said they would jointly spend 35 billion yen ($388 million) with Tata Steel to produce auto steels in India. In November last year, JFE Steel said it would do something similar with India’s JSW Steel. And Sumitomo Metal Industries last month said it may take a stake in a Bhushan Steel mill in eastern India. The rush by Japanese steelmakers to India reflects a rapid adjustment in strategy, as the steelmakers tout their niche expertise to exploit post-crisis opportunities abroad as home prospects still look...

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