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Tubes and Pipe
           There was regional variation in exports. Sales to the People's Republic of China maintained steady improvement from last year with the active promotion of energy development and the completion of inventory adjustments for oil country tubular goods. Exports to Russia increased dramatically with the successful conclusion of major trade negotiations concerning the promotion of gas fields that had continued since the breakup of the former USSR.
Export conditions for the non-socialist countries deteriorated considerably because of the yen's rapid appreciation and the drop in oil prices. Sumitomo metals made a strong effort to obtain orders and adjust prices; even so, a major  decline in sales of 17 % in this area was unavoidable. Despite this severe situation, the Company will maintain and enhance its position as a major supplier of tubes and pipe based on the medium-range outlook for demand. To accomplish this aim we plan to build a new 16" seamless pipe mill; construction is now underway with a completion target date of mid-1996.
Stainless Steel
A severe recession in fiscal 1993 saw a freeze on construction and investment in plant and equipment, and a reduction in personal consumption. As a result, domestic demand showed a slight drop of about 3 percent compared to the previous year. exports, however, were brisk to the Asian market, sustained by a steady demand from the People's Republic of china in particular; this trend remained firm even in the new year. Exports increased about 6 percent over the previous year. Prices are softening with greater competition from European and Korean mills. Not only have prices fallen in the Asian market, domestic prices continue to fall, inf luenced by the growing presence of low-priced, imported steel in the market.

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