China’s 2025 steel demand to fall 1.5% on year, state research institute says
China's steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively.
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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