Sumitomo Corporation and Metal One to integrate steel pipe operations in Japan

Tuesday, 14 August 2018 17:16:44 (GMT+3)   |   Istanbul

Japanese steelmaker Sumitomo Corporation has announced that it has agreed to integrate its domestic steel pipe operations with Japan-based steel company Metal One Corporation under a new 50/50 joint venture.

The integration is scheduled for January 2019, however it is subject to the acquisition of the necessary permits from the related authorities in Japan and abroad, to be announced when it is determined.

Sumitomo Corporation stated that the domestic tubular products market is undergoing change at an increasingly rapid pace. In these circumstances, the two companies have decided that the best option for their business partners, fellow workers, and all other stakeholders could be to consolidate their managerial resources to pursue sustainable growth while making use of the strengths of their respective groups.

According to Sumitomo Corporation, the new joint venture company, namely, Sumisho Metal One Steel Pipe Co., Ltd, is expected to reach annual sales of JPY 190 million ($1.71 million).

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