Nippon Steel Trading Co., Ltd. (TSE:9810) entered into memorandum of understanding to acquire Sumikin Bussan Corp. (OSE:9938) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401), The Master Trust Bank of Japan, Ltd., Kyoei Steel, Ltd. (TSE:5440), Air Water Inc. (TSE:4088), and other sellers on February 7, 2013. Nippon Steel Trading and Sumikin Bussan plan to execute a merger agreement targeted for April 2013 and hold shareholders' meetings on June 2013 to approve the merger agreement.

Nippon Steel Trading Co., Ltd. (TSE:9810) entered into merger agreement to acquire Sumikin Bussan Corp. (OSE:9938) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401), The Master Trust Bank of Japan, Ltd., Kyoei Steel, Ltd. (TSE:5440), Air Water Inc. (TSE:4088), and other sellers for ¥45.3 billion in stock on April 26, 2013. Nippon Steel Trading Co., Ltd. will issue 1.08 shares for each share of Sumikin Bussan. Sumikin Bussan will be merged into Nippon Steel. Nippon Steel will change its name into Nippon Steel & Sumikin Bussan Corporation. Special committee will look to the transaction. Board of Directors of Nippon Steel Trading and Sumikin Bussan made a resolution in favor of the transaction on April 26, 2013. Nippon Steel Trading and Sumikin Bussan will hold shareholders meeting on June 21, 2013 to approve the transaction. The transaction is subject to approval of Japan Fair Trade Commission and the relevant foreign authorities. The expected date for delisting of Sumikin Bussan is September 26, 2013. As of June 21, 2013, the transaction has been approved by shareholders of Nippon Steel Trading Co., Ltd. and Sumikin Bussan Corp. As of August 26, 2013, transaction was approved by foreign competition authority including Japan's Fair Trade Commission. As result of the transaction, some management changes took place including Representative Director and President will be Ichiro Miyasaka, Representative Director will be Mitsunori Okada, Representative Director will be Kenji Hiwatari, Director will be Tsuneaki Eguchi, Director Kazuo Yamaguchi, Director Kenji Kamata, Director Akio Tamagawa, Director Yoshinori Shimotori, Director Keiji Kurita, Director Masaharu Takeda, Director Akio Uemura, Director Satoshi Kazusa, Director and advisor will be Gashun Amaya, Director and advisor will be Tetsuo Imakubo, Standing auditor will be Yasuhiro Imabayashi, Standing auditor will be Nobuyuki Arayashiki, Auditor Takeshi Watanabe, Auditor Yoshihiro Ogura, Auditor Yutaka Takeuch. The transaction is expected to close on October 1, 2013.

SMBC Nikko Securities Inc. acted as financial advisor and fairness opinion provider to Sumikin Bussan. Nomura Securities Co., Ltd. acted as financial advisor and fairness opinion provider to Nippon Steel Trading. Robert DeLaMater, Izumi Akai, and Keiji Hatano at Sullivan & Cromwell LLP acted as legal advisor to Nippon Steel Trading.

Nippon Steel Trading Co., Ltd. (TSE:9810) completed the acquisition of Sumikin Bussan Corp. (OSE:9938) from Nippon Steel & Sumitomo Metal Corporation (TSE:5401), The Master Trust Bank of Japan, Ltd., Kyoei Steel, Ltd. (TSE:5440), Air Water Inc. (TSE:4088) and other sellers on October 1, 2013.