Nippon Steel, the world's second-largest steelmaker, has said it will co-operate with South Korea's Posco about iron ore and coking coal contract prices for this year, although talks have yet to start.
Akio Mimura, the chairman of Nippon Steel, said in Seoul on Saturday that his company already has an alliance with Posco when asked if his company planned to co-operate with the Korean steelmaking giant in its raw material negotiations.
Mr Mimura also stated that Nippon Steel did not plan at present to shut down any of its blast furnaces because of weakening demand.
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