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BUSINESS
March 15, 1993 | From Times Staff and Wire Reports
Sumitomo Metal to Cut 3,000 Employees: Integrated steelmaker Sumitomo Metal Industries Ltd. said it will reduce its work force by 3,000 over three years. The cutbacks will be made in steel-related divisions and will encompass 2,200 factory workers and 800 administrative workers, the company said. Sumitomo Metal had 20,727 workers as of Sept. 30. NKK Corp.
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BUSINESS
March 15, 1993 | From Times Staff and Wire Reports
Sumitomo Metal to Cut 3,000 Employees: Integrated steelmaker Sumitomo Metal Industries Ltd. said it will reduce its work force by 3,000 over three years. The cutbacks will be made in steel-related divisions and will encompass 2,200 factory workers and 800 administrative workers, the company said. Sumitomo Metal had 20,727 workers as of Sept. 30. NKK Corp.
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BUSINESS
January 21, 1993 | From Times Staff and Wire Reports
LTV Files Reorganization Plan: LTV Corp. filed a bankruptcy reorganization plan under which the steelmaker will repay $850 million to its pension funds and reimburse creditors with cash and stock. The plan also calls for Sumitomo Metal Industries Ltd. to invest $200 million by purchasing stock and notes in LTV. LTV, which has been in bankruptcy court for nearly six years, said it could emerge from Chapter 11 protection in the spring if the plan is approved by a federal judge and creditors.
BUSINESS
October 21, 1991 | From Times Staff and Wire Reports
Steel Firms May Buy From South Africa: Six steelmakers plan to import iron ore from South Africa after the government lifts economic sanctions against Pretoria, industry sources said. Nippon Steel Corp., NKK Corp., Kawasaki Steel Corp., Sumitomo Metal Industries Ltd., Kobe Steel Ltd. and Nisshin Steel Co. have concluded contracts with South Africa's Iscor company, the sources said.
BUSINESS
May 23, 1989 | From Times wire services
Sumitomo Metal Industries Ltd., an integrated steelmaker, said today it will invest $5 million in Lam Research Corp. of Fremont, Calif., to strengthen collaboration between the two firms. Lam Research is a major semiconductor equipment manufacturer. Osaka-based Sumitomo said the agreement calls for the firm to purchase 500,000 shares of the U.S. partner for $10 a share to acquire about 4.5% equity in the American company. In return, the Japanese company will be licensed to launch domestic production of semiconductor etching equipment, named "Rainbow," developed by the U.S. firm, Sumitomo said.
BUSINESS
July 16, 1991 | From Reuters
A Japanese steel manufacturer is interested in investing $200 million in LTV Corp., a move that would shore up its joint ventures with the American steelmaker and give it firmer footing in the U.S. steel market, LTV said Monday. However, the investment by Sumitomo Metal Industries Ltd. depends on LTV reaching an agreement with creditors on a plan to emerge from bankruptcy protection. It filed for Chapter 11 protection five years ago.
BUSINESS
January 8, 1985 | JAMES RISEN, Times Staff Writer
LTV Corp., a Dallas-based conglomerate and the nation's second-largest steelmaker, said Monday that it has agreed to form a joint venture with Japan's Sumitomo Metal Industries Ltd. to make galvanized steel for the auto industry at a new plant in Cleveland. LTV said that the $125-million project, which will begin operations in the spring of 1986, will be jointly managed by American and Japanese executives, with LTV retaining 60% ownership in the venture.
BUSINESS
May 4, 2001 | From Bloomberg News
A U.S. trade agency said stainless steel imports from Japan, South Korea and Spain have hurt Slater Steel Inc., one of North America's biggest specialty steel makers, clearing the way for duties of as much as 115%. The decision, the latest victory by the U.S. steel industry in its effort to repel imports from the U.S. market, affects such companies as Japan's Sumitomo Metal Industries Ltd., Daido Steel Co. and Aichi Steel Corp.
BUSINESS
January 19, 1995 | DAVID HOLLEY, TIMES STAFF WRITER
The devastating earthquake that hit the western Japanese city of Kobe has disrupted economic activities across Japan, and it will continue to paralyze the city's important port for several months. The destruction of transportation infrastructure in the region means that any company dependent on parts and supplies that must pass through the affected area--the source of an estimated 20% of Japan's economic output--faces difficulty in maintaining normal operations.
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