Sumitomo, Usiminas May Expand Iron Ore Capacity, Furihata Says

Sumitomo Corp., Japan’s third- largest trading company, said its venture with Brazil’s Usinas Siderurgicas de Minas Gerais SA may expand iron ore production by two thirds amid rising demand in Asia.

The venture with Usiminas may be able to boost estimated annual iron ore output to 50 million metric tons, Sumitomo’s Managing Executive Officer Toru Furihata said in an interview at its Tokyo headquarters. That’s an increase on its plan to produce 30 million tons by 2015 from 7 million ton by expanding capacity at its mine in the state of Minas Gerais.