Sumitomo Metal Industries Ltd., Japan’s third-largest steelmaker, fell to the lowest in three weeks in Tokyo trading after booking a 79.8 billion-yen ($1 billion) charge to write down the value of its stock investments.
Nippon Steel Corp., Japan’s largest steelmaker, received clearance for its 685 billion yen ($8.8 billion) all-share purchase of Sumitomo Metal Industries Ltd. to create the world’s second-biggest steelmaker.
Sumitomo Metal Industries Ltd. , Japan’s third-largest steelmaker, will take a charge of 60 billion yen ($720 million) for the year ended March because of losses caused by the nation’s worst earthquake.
Sumitomo Metal Industries Ltd. , which is planning to merge with Nippon Steel Corp ., cut its full-year profit forecast by 58 percent because of restructuring costs at an affiliate and slow sales, it said in a statement.
Sumitomo Metal Industries Ltd. , Japan’s biggest producer of seamless steel pipes, plans to increase export prices from October as rising energy demand lifts sales for the pipes used to extract oil and gas.