Reportedly, Japanese Sumitomo Metals announced that it has finalized and approved for getting its own shares from Nippon Steel.

Sumitomo Metals would receive total shares of 451,761,000 of its own shares which were equal to ￥50,145,471,000 (about US$639.35 million).

The two companies have set a schedule for beginning mutual cooperation from October 1st, 2012.

Meanwhile, Nippon Steel has also reported that the company’s financial result in the second quarter of fiscal year 2012/13.

In the reported period of time, the company has suffered a loss of ￥91.4 billion (about US$1.16 billion) on the sale of investment securities to be recorded as an extraordinary loss incurred by the sale of its shares of Sumitomo Metals.