Japanese steelmaker Sumitomo Metals announced that it has completed the acquisition of its own shares from fellow Japan-based steel producer Nippon Steel.
Following Nippon Steel's announcement that it would sell its shares in Sumitomo Metals, Sumitomo has acquired 451,761,000 of its own shares for a consideration of JPY 50,145,471,000 ($639.35 million).
Meanwhile, Nippon Steel has announced that in the second quarter of the financial year 2012-13 it will record a loss of JPY 91.4 billion ($1.16 billion) on the sale of investment securities to be recorded as an extraordinary loss incurred by the sale of its shares of Sumitomo Metals.
The business integration of the two companies is scheduled for October 1, 2012.