Sumitomo Metals to acquire Standard Steel

Sumitomo Metal Industries, Ltd. (Sumitomo Metals) and Sumitomo Corporation will acquire Steel Wheel Acquisition Corporation (SWAC), the parent company of Standard Steel, Inc. (Standard Steel) located in the US. Sumitomo Metals is purchasing SWAC, one of North America’s leading manufacturers of railway wheels and axles, as part of its strategy to expand into overseas growth markets with overseas production bases, while continuing to strengthen its core domestic manufacturing bases. Once the acquisition is complete, Sumitomo Metals intends to transfer certain technology, including its proprietary SIRD pressing facility, a rotary forging press for wheels, and its ultra clean steel technology, to Standard Steel. The goal is to enhance its competitiveness globally in the manufacture and sale of railway wheels, particularly wheels used for locomotives and passenger trains, including high-speed rail.