June 28, 2011

Sumitomo Metals To Acquire Standard Steel in US

Sumitomo Metals Industries, Ltd., a major integrated steelmaker, and Sumitomo Corporation, a major trading company, announced that they have agreed to acquire Steel Wheel Corporation, the parent company of Standard Steel , Inc. in the US. Sumitomo Metals will purchase 90% of the holding company's shares while Simitomo Corp will buy the rest. Standard Steel is one of North America's leading manufactures of railway wheels and axles with a history of over 200 years. Through this acquisition, Sumitomo Metals with its core domestic manufacturing bases will enhance its global competitiveness in the manufacture and sale of railway wheels.

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