On April 28, Japanese steel producer Sumitomo Metals announced its plan to raise funds of around JPY 100 billion ($1.23 billion) needed to restore the facilities at Kashima Steel Works damaged by the massive earthquake which hit eastern Japan on March 11 this year.
Accordingly, Sumitomo Metals said that it is making every effort to cut spending in all possible aspects, including revision of investment plans and reduction of costs and expenses; and it expects to obtain at least half the funds needed for damage recovery in FY 2011-12 (April 1, 2011-March 31, 2012).
Sumitomo Metals also said that it aims to have Kashima Steel Works operating at its usual levels of production by the end of May.