Visions - Summer 2007 - (Page 5)

As I mentioned, environmental issues and newer and cleaner energy will become much more important as time goes by. We have a good partner here in the USA for coal gasification and other technologies to make cleaner energy. Nuclear power is also being reviewed now not only in the U.S., but also other counties as well. We’ve already started mining uranium and we are establishing a nuclear fuel chain, although this is still in the initial stage. We’d like to find more business opportunities in nuclear power-related industries in the USA, and indeed in all the Americas. Another potential area is bio-ethanol and bio-fuel. These are mainly developed here and in Brazil. Corn is the main material for bio-ethanol in the United States, and sugar cane in Brazil. These activities are pushing the demand for bio-ethanol, which is then impacting the price of food. We have to find a good solution to create a balance, as that is a concern for many people. What are your thoughts on Corporate Social Responsibility and what kind of activities would you want SCOA to support? Doing business is a constant learning experience. When we learn from our experiences and improve ourselves, we will then be ready to take on yet another challenge. For the last several years, the U.S. has been the leading global economy, with China not far behind. But now the U.S. is slowing somewhat, especially in the housing market. We see the downside effect of the housing slump on other industries. We will need to recognize when business climate changes and be ready to act quickly to maintain and/or improve our business portfolio. What are some of the first tasks you want to focus on in your early months as President and CEO of SCOA? Well, as Mr. Oka and Mr. Kato periodically remind us, along with Sumitomo’s 400-year business history we have a long history of corporate social responsibility. Our business was founded and has been built on corporate social responsibility, and we should continue to follow these principles and guidelines in our daily business activities. As times and circumstances change, we can always find ways of being even better corporate citizens in all of the communities in which we do business. In regards to Corporate Governance, how do you think J-SOX will affect SCOA and its subsidiaries? Our corporate departments in Tokyo are now investigating the influence of J-SOX, and I am waiting for their report. For the last two to three years we have been preparing for J-SOX by practicing “Internal Control” in SC and SCOA. Therefore, I hope that we may not be affected by J-SOX so much, though we may have to increase the number of staff to deal with J-SOX in the near future. What do you see as the greatest challenges this company will face in the next two to three years? Business must be created and initiated based upon what we foresee in the future. And fact-finding is important to forecasting. So I will focus on which industries are basic or fundamental to lead the U.S. economy as well as Canada and South America. To my knowledge, since my arrival in New York, the housing industry is the one which we should watch carefully to discern its trends and direction. The auto industry and the power business may also be sectors to follow carefully. Business is based on necessity and we can expand our business by being able to sense, sort of predict, these needs. Business is also a moving target — just when we achieve one goal, we must then reach higher and higher, and that reach will insure that we continue to be a great and growing company. Do you have any closing remarks? We will need to recognize when business climate changes and be ready to act quickly to maintain and/or improve our business portfolio. I believe that the most challenging but perhaps the most interesting and rewarding part of doing business is creating new value. Doing business is a constant learning experience.When we learn from our experiences and improve ourselves, we will then be ready to take on yet another challenge. In my inaugural address I shared my motto, and I would like to say it again: We should always strive to learn and to improve together so we can build a team spirit for future growth and success. I would like those to be my closing words. Michihisa Shinagawa was appointed President & CEO of SCOA on June 1, 2007. Sumitomo Corporation of America 5

Table of Contents Feed for the Digital Edition of Visions - Summer 2007

Contents Meet SCOA’s New President & CEO SCOA Delivers First APMs to Washington Dulles International Airport SC Minerals America to Mine Alaskan Gold Trade Show Marketing Stimulates SCOA Business Unique Machine Gets Dual Quality Certifications SCOA & HSSSI: Big Players in Next Phase of NASA Space Exploration

Visions - Summer 2007

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