Sumitomo to accept $543m writedown on Brazilian iron ore asset

Japan’s Sumitomo Corp will accept an impairment of around ¥65 billion ($543.2 million) in its Brazilian iron ore joint venture, Mineração Usiminas, it said on Wednesday March 25.

This amount is up from the company’s September 2014 estimate of a ¥50 billion ($417.8 million) writedown.

The new impairment value is mainly attributable to a decline in iron ore prices and the revision of Mineração Usiminas's long-term business...


Ana Paula Camargo

March 25, 2015

22:00 GMT

São Paulo