Itochu Corp Expands Iron Ore Right to 30 Million tonnes until F2015

Itochu Corporation, Japanese major business house, aims to triple its iron ore rights to total 30 million tonnes until fiscal 2015 ending March 2016 compared with fiscal 2007. The firm aims to grow its consolidated after-tax profit to over 100 billion yen in fiscal 2010 by the expansion of mineral rights, trades and new energy businesses.The firm plans to increase the rights for coal by 3.5 million tonnes to 11 million tonnes toward fiscal 2010 and targets 15 million tonnes in fiscal 2015. The firm increases the rights for alumina to 570,000 tonnes in fiscal 2015 from current 190,000 tonnes.The firm expands the material trades of coal and non-ferrous products among three countries, the steel products or the oil and gas. Meanwhile, the firm expands other businesses including solar power generation, emission trading, clean development mechanism or bio-ethanol.The firm plans to increase the consolidated after-tax profit by 21% to 128 billion yen in fiscal 2008 form fiscal 2007, especially the profit of metal and resource department by 71.6% to 70 billion yen.