Nippon Steel Corp , the world's fourth-biggest steelmaker, and Sumitomo Metal Industries Ltd submitted a draft proposal for their planned merger to Japan's antimonopoly watchdog on Friday, Nippon Steel said. The Fair Trade Commission will start examining the merger proposal after receiving a formal application. The merger, if approved, will create the world's second-biggest steelmaker after ArcelorMittal . (Reporting by Yuko Inoue; Editing by Edmund Klamann)
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