Nippon Steel Corp., Japan’s largest steelmaker, merged with Sumitomo Metal Industries, the nation’s third-largest steelmaker, to form Nippon Steel & Sumitomo Metal Corp. The merger creates the world’s second-largest steel company, behind only ArcelorMittal. The new business, which has a combined annual capacity of 46.1 million metric tons, plans to expand global operations in China, India and other emerging countries while consolidating its operations in Japan.