Sumitomo buys North Star with Vallourec&Mannesman

Sumitomo buys North Star with Vallourec&Mannesman

As per reports from Reuters Sumitomo Corp., one of the major trading houses of Japan, announced today that jointly with Vallurec&Mannesmann Tube, they will buy the tubular division of North Star Steel Co. owned by Cargill Inc. Sumitomo will own the 20% of North Star Tubular Division (NSSTD) whereas Vallourec&Mannesmann Tube, which is also a joint venture of Vallurec (VLLP) of France and Mannesmann SA of Germany, will own the 80%. The total amount Sumitomo Corp. and Vallurec&Mannesman Tube will pay to Cargill Inc. for NSSTD is around $ 380 million.