Sumitomo Metals to Increase R&D Investment by 7.5% in F2010

Sumitomo Metal Industries increases research and development investment by 7.5% to 24.5 billion yen in fiscal 2010 ending in March 2011 from fiscal 2009. The firm increases the investment mainly for automobile and energy applications.

Sumitomo Metals’ investment was 22.8 billion yen in fiscal 2009, up by 3.1% from fiscal 2008 while the firm’s profit plunged in fiscal 2009 due to the deterioration in the global economy. However, the firm increased the investment to secure future assets of technology and human resources.

In fiscal 2010, the firm enhances the technology for the utilization of low cost raw material in pig iron making operation and low reducing agent rate in blast furnace for lower energy consumption and carbon dioxide emission.

The firm aims to maintain the technology advantage by developing the original product while overseas steel makers start the operation of high efficient facilities.