Sumitomo Metal Mining revises the growth strategy when the recurring profit decreased by 85% in fiscal 2008 ended March 2009 from fiscal 2007 due to plunge of metal prices and higher yen rate. The firm adjusts the strategy based on the lower economy growth. The firm recalculates the profitability of each project for resource and metal businesses while the firm reshuffles the business for electronic and advanced materials.
The firm revises the cost structure for the metal businesses, especially for Taganito nickel project in Philippines, which is under feasibility study. The firm still tries to start the production in 2012 but the firm tries to improve the cost structure. The firm also reduces the cost for Pogo gold mine in Alaska, USA, of which cost is higher than Hishikari mine in Kagoshima, Japan. The firm also improves the cost for copper smelting at Toyo smelter and refinery in Ehime, Japan. The firm also expands the smelting business to offshore sites by utilizing hydrometallurgy technology, which allows usage of lower grade ore. The firm focuses on recycling materials for the zinc smelting for better cost structure.Japan Steel Scrap Composite Prices (Sangyo Press)
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