Sumitomo Corp. to Invest More in Offshore Metal Products

Sumitomo Corporation’s metal products business unit will increase investment by 20% to around 50 billion yen for population growing countries in 2 years through fiscal 2012 ending March 2013. The unit tries to follow growing metal demand in energy, transport and construction in Asia, Middle East and USA.

The metal products business unit will invest for emerging countries, especially for India, Vietnam, Indonesia, Saudi Arabia, Turkey, Pakistan and USA, general manager of the unit, Shunichi Arai said. The unit expands value chain for steel pipe business and steel service center network to provide better service for automobile industry. The unit also tries to follow construction demand in emerging countries through new approach while the unit expands offshore business for aluminium smelting and rolling.

Sumitomo Corporation will invest total 580 billion yen in 2 years through fiscal 2012. The firm increases the consolidated net profit to 220 billion yen for fiscal 2011 and to 260 billion yen for fiscal 2012 from 202.7 billion yen in fiscal 2010.