Jun. 04, 2012
Management Integration of Tanimoto Steel Corporation and Sumisho Steel Sheets Works Co., Ltd.
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Susumu Kato) has decided to merge and integrate the management of its two group companies, Tanimoto Steel Corporation (Head Office: Izumiotsu-shi, Osaka; President and Representative Director: Takeshi Kitayama; hereinafter, "Tanimoto Steel") and Sumisho Steel Sheets Works Co., Ltd. (Head Office: Osaka-shi, Osaka; President and Representative Director: Kazuhiko Kaneko; hereinafter, "SKK"), with the aim of strengthening its steel sheet business in Japan. The merger and integration is scheduled to take effect on October 1, 2012, and the merged company will operate under the new name, Summit Steel Co., Ltd. (hereinafter, "Summit Steel"). President Kitayama of Tanimoto Steel and President Kaneko of SKK will assume the position of President and Executive Vice President, respectively, at the new company, whose head office will be based where the current Head Office of Tanimoto Steel is located.
Tanimoto Steel joined the Sumitomo Corporation Group in 2005. Wholly owned by the Group, the company serves as the largest domestic coil center for the Group, cutting and processing up to 640,000 metric tons of steel sheet coils per year at its bases in Osaka, Chiba, Hiroshima and Yamaguchi.
SKK, Sumitomo Corporation's pivotal coil center, was established in 1969. Sumitomo Corporation holds 89.2% of the equity and the rest of 10.8% is held by Sumitomo Metal Industries, Ltd. With steel processing bases in Osaka, Shiga, Hyogo and Oita, SKK boasts an annual processing capacity of 560,000 metric tons.
Building on this merger and management integration, Sumitomo Corporation will further streamline its steel sheet business and enhance its technological expertise and services in order to better meet the needs of its customers and suppliers.
■ Outline of Tanimoto Steel
|・Company name||：||Tanimoto Steel Corporation|
|・Business description||：||Processing and marketing of steel sheets|
|・Capital||：||300 million yen|
|・Shareholder composition||：||Sumitomo Corporation 90%
Hokkaido Shearing Co., Ltd. 10%
|・Capital participation||：||Since October 2005|
■ Outline of SKK
|・Company name||：||Sumitomo Steel Sheets Works Co., Ltd.|
|・Business description||：||Processing and marketing of steel sheets, warehousing business|
|・Capital||：||462 million yen|
|・Shareholder composition||：||Sumitomo Corporation 89.2%
Sumitomo Metal Industries, Ltd. 10.8%
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