OREANDA-NEWS. Sumitomo Corporation and Sumitomo Corporation of America are pleased to announce that the filing procedures required under the Anti-Monopoly Act have been completed for the acquisition originally announced on October 2, 2013 of Edgen Group Inc. (head office: Louisiana, US; representative: Daniel J. O’Leary; hereinafter referred to as “Edgen Group”), U.S energy-related steel products distributor, and that all outstanding shares of Edgen Group have been successfully acquired as planned for USD 12 per share.

As global energy demand rises, solid growth is also expected in the demand for the steel pipes and other steel materials needed for energy development/production. The Sumitomo Corporation Group is seeking through this acquisition to establish a foundation for growth in the steel pipe business for midstream and downstream energy markets, to reinforce its North American OCTG business and to enhance its sales of steel plates/pipes to the energy sector.

Sumitomo Corporation group aims to broaden its scope of services further into the value chain of the industry in order to enhance its capabilities to respond to ever heightening customer needs.