The bottom line was boosted by a $2.35 billion financial gain related to unspecified foreign exchange rates, which largely masked weaker sales and rising costs.
Sumitomo wants to start making materials for a cheaper type of battery -- containing no nickel -- that’s poised for global popularity after storming the world’s top EV market, China.
The second-largest US steelmaker said Tuesday that it is being hit by higher input costs and maintenance activities, which led to adjusted earnings before items of $436 million in the third quarter, about 50% below analyst estimates.