Sumitomo considers to purchase Nichimen's steel division

Sumitomo considers to purchase Nichimen’s steel division

Japan's fourth largest steel company Sumitomo Metal considers to purchase Japanese Nichimen's steel divisions for YEN 12.9 billion (approx. $109 million). Company officials stated that the steel division consists of stainless steel, specialty steel and automotive steel. Furthermore, Sumitomo expects that this acquisition will strengthen its position in this area. Nichmen group earns YEN 100 billion sales per year from the steel division. Also, Sumitomo has been increasing its facilities for processing and delivering steel materials with total annual capacity rising to 2.7 million tons.