Sumitomo Metal Industries Limited
Sumitomo Metal Industries, Ltd. (TSE: 5405) was established in 1949 and is a leading diversified manufacturer of steel products and a distinguished supplier of construction, plant and system engineering services. The company's principal activity is the manufacture and distribution of steel products. Operations are carried out through the following divisions: Steel Products (steel sheets and plates, tubes and pipes, bars, wire rods, railway, automotive and machinery parts and construction materials); Engineering (maintenance and construction) ; Electronics and Information Services (semiconductor and silicon wafer) and Other (transport and technology). Steel products accounted for 64% of fiscal 2001 revenues; Electronics/Information services, 17%; Other, 11% and Engineering, 8%.
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U.S. stocks closed slightly lower on Tuesday, giving up early gains boosted by consumer confidence data and strong earnings from Apple. Investors remained cautious as there were continued concerns over bank regulation plans.
Wall Street stocks tumbled overnight on a second downgrade of Greece's sovereign debt in a month and Citigroup's capital raising. The US dollar rebounded as investors cut riskier assets. The US dollar index, which measures its performance against a basket of major currencies, rose to its highest level in more than three months.
US stocks closed mixed overnight as the market wobbled after the US Federal Reserve decided to maintain its interest rates at record low to support the subdued recovery. The central bank's upbeat outlook of the economy has led to speculation about a faster interest rate rise.
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