Another article says Japan was the leading importer of iron til 2002- they dont have any iron in house - Japan is raw material resource poor- a major reason they attacked the USA Dec 7 1941- to secure material resources necessary for their imperial economy - something some think will be repeated -see The Coming War with Japan book -but its more at The Coming War w China over resources etc for its imperial economy- Mao is still rolling over in his grave
Japan still needs to rebuild totally destroyed Northern cities demolished by the 3-2011 tsunami- political forces will require them to begin moving forward in that endeavor- planning for such a huge task is complicated and mountains will have to be leveled to provide the material to raise entire narrow coastal areas to a sufficient height
Iron Ore Business Contributing to a Stable Supply of Resources in Japan
October 2011
Sumitomo Corporation's iron ore business has continued since 1950
Iron ore is the main raw material for manufacturing steel products. Since it is not currently produced in Japan, we have no choice but to depend on imports. Japan's annual usage of iron ore for the production of iron products is 120 million tons, while in China it has reached approximately 1.0 billion tons. In the face of China's increasing influence in the international market, further sources of stable resources must be secured by Japan. Sumitomo Corporation both trades and invests in the iron ore business to contribute to the sound development of Japanese industries through a stable supply of iron ore.
Sumitomo Corporation started trading of iron ore in 1950. Just like other large trading companies, Sumitomo started the business as part of a scheme to trade as an agent for Japan's iron and steel companies and take a commission. In terms of investment, Sumitomo Corporation participated in the Savage River iron ore project in Australia in 1965. While putting trading at the center of its iron ore business, Sumitomo Corporation also began investing in upstream interests.
In early 2000, however, Sumitomo's iron ore business centering on trade reached a turning point. The volume of iron ore being imported by China surpassed that of Japan, and the iron ore market became tight. Japanese iron and steel companies experienced an iron and steel recession and gradually started to do the importing themselves, and the function of a traditional trading company was not able to satisfy their needs. Sumitomo Corporation took this opportunity to reinforce their investment business.
Japan still needs to rebuild totally destroyed Northern cities demolished by the 3-2011 tsunami- political forces will require them to begin moving forward in that endeavor- planning for such a huge task is complicated and mountains will have to be leveled to provide the material to raise entire narrow coastal areas to a sufficient height
Iron Ore Business Contributing to a Stable Supply of Resources in Japan
October 2011
Sumitomo Corporation's iron ore business has continued since 1950
Iron ore is the main raw material for manufacturing steel products. Since it is not currently produced in Japan, we have no choice but to depend on imports. Japan's annual usage of iron ore for the production of iron products is 120 million tons, while in China it has reached approximately 1.0 billion tons. In the face of China's increasing influence in the international market, further sources of stable resources must be secured by Japan. Sumitomo Corporation both trades and invests in the iron ore business to contribute to the sound development of Japanese industries through a stable supply of iron ore.
Sumitomo Corporation started trading of iron ore in 1950. Just like other large trading companies, Sumitomo started the business as part of a scheme to trade as an agent for Japan's iron and steel companies and take a commission. In terms of investment, Sumitomo Corporation participated in the Savage River iron ore project in Australia in 1965. While putting trading at the center of its iron ore business, Sumitomo Corporation also began investing in upstream interests.
In early 2000, however, Sumitomo's iron ore business centering on trade reached a turning point. The volume of iron ore being imported by China surpassed that of Japan, and the iron ore market became tight. Japanese iron and steel companies experienced an iron and steel recession and gradually started to do the importing themselves, and the function of a traditional trading company was not able to satisfy their needs. Sumitomo Corporation took this opportunity to reinforce their investment business.
