Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Japan’s Sumitomo Corp said on Friday that Shingo Ueno would become President and CEO of the trading house from April, succeeding Masayuki Hyodo who will become its chairman.
Sumitomo’s executive vice president Ueno, 64, has played a pivotal role in leading the metals, resources and chemicals businesses, while overseeing the development of next-generation energy projects, including hydrogen initiatives.
Amid the global shift towards a low-carbon economy, Sumitomo aims to fortify its presence in growth areas, Ueno said.
“I aspire to drive the company’s evolution by implementing comprehensive reforms,” Ueno told a news conference.
Sumitomo is one of Japan’s top trading companies, in which US billionaire investor Warren Buffett has a stake.
(By Yuka Obayashi; Editing by Alexander Smith)
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