Sumitomo CFO: U.S. Tariffs Raised Oil Drilling Pipe Prices, Benefiting U.S. Pipe Business, But Low Oil Prices Slowed Development Activities

July 31 (Reuters) - Sumitomo Corp 8053.T:

• SUMITOMO CORP OFFICIAL: CONTINUING TO CONSIDER ALL OPTIONS FOR AMBATOVY NICKEL PROJECT IN MADAGASCAR

• SUMITOMO OFFICIAL: RESUMED OPERATIONS AT AMBATOVY IN EARLY MAY, AIMING TO PRODUCE MID-30,000 TONS OF NICKEL IN FY2025

• SUMITOMO CFO: U.S. TARIFFS HAVE RAISED OIL DRILLING PIPE PRICES, BENEFITING OUR U.S. PIPE BUSINESS, BUT LOW OIL PRICES HAVE SLOWED DEVELOPMENT ACTIVITIES, OFFSETTING GAINS

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