Brief: Sumitomo: Mideast Crisis Is Expected To Affect Our Automotive Business In Iraq, Steel Pipe Sales For Oil And Gas Sector

Sumitomo

01/05/2026 06:39

May 1 (Reuters) - Sumitomo Corp 8053.T:

SUMITOMO CORP CEO: THE MIDDLE EAST CRISIS IS EXPECTED TO AFFECT OUR AUTOMOTIVE BUSINESS IN IRAQ, STEEL PIPE SALES FOR OIL AND GAS SECTOR, AND AGRIBUSINESS DUE TO POTENTIAL FERTILISER SHORTAGES

SUMITOMO CFO: OUR FY2026 EARNINGS FORECAST TAKES INTO ACCOUNT A REDUCTION OF 23 BILLION YEN IN PROFITS ACROSS THREE BUSINESS SEGMENTS HIT BY THE MIDDLE EAST CRISIS

SUMITOMO CEO: THERE IS ALSO POTENTIAL FOR HIGHER PROFITS, WITH RISING ALUMINIUM AND SULPHURIC ACID PRICES, AND OIL-LINKED LNG

SUMITOMO CEO: WE CONCLUDED A SALE IS THE BEST OPTION FOR AMBATOVY NICKEL PROJECT IN MADAGASCAR FOLLOWING A COMPREHENSIVE REVIEW OF ITS ECONOMIC VIABILITY, SUSTAINABILITY, AND CONTRIBUTIONS TO THE LOCAL COMMUNITY

SUMITOMO CEO: WE DECIDED TO SELL AS WE FOUND A BUYER WITH NICKEL EXPERTISE WHO COULD ENSURE THE PROJECT’S CONTINUITY

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 (Reporting by Yuka Obayashi)

 ((kiyoshi.takenaka@thomsonreuters.com;))