Seven major Japanese companies signed contracts for the first joint Japanese-Canadian development of Canadian coal resources. The agreement follows two other major coal agreements signed here this week between Canadian companies and Japanese steel companies.
Meanwhile, China has canceled a $420 million contract with Mitsubishi of Japan for construction of a steel rolling mill, Mitsubishi said. China has heavily cut its modernization program because of a shortage of funds. Last week Peking canceled the second stage of a blast fu rnace with Nippon Steel Corporation.