Sumitomo Metal Ind. to buy U.S. crankshaft maker

Newswire

TOKYO, Aug 31 (Reuters) - Sumitomo Metal Industries Ltd and trading house Sumitomo Corp. said on Friday they would jointly buy U.S. crankshaft processing maker Norton Manufacturing Co. Ind. in Ohio for around $50 million. The purchase will allow Sumitomo Metal, Japan's third-biggest steel maker, to tap the growing market of lathed, polished and heat-treated crankshafts in the United States as truck and construction machinery makers are increasingly outsourcing production of such products, ...

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