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Nippon Steel, Sumitomo renew contract to supply line pipes to BP

Reuters

TOKYO (Reuters) - Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp and trading firm Sumitomo Corp have renewed their contract with Britain's BP (BP.L) to supply line pipes.

The new contract is effective for five years from July 1, with an option to extend the contract for another five years, Nippon Steel and Sumitomo Corp said on Friday.

A plunge in global oil prices (CLc1) (LCOc1) since mid-2014 has forced a number of oil and gas companies to scale back capital spending plans, hurting companies like Nippon Steel that saw orders for its seamless pipes, including line pipes, falling about 30 percent in the financial year ended March.

(Reporting by Osamu Tsukimori; Editing by Himani Sarkar)