Japanese trading house Sumitomo plans to acquire a stake in Germany-based monopile steel slab producer EEW to bolster its investment in European offshore wind power generation projects. The deal is expected to close by the end of the year.

Monopile demand in Europe is surging, driven by the expansion of wind power projects. Sumitomo aims to secure steel materials with lower greenhouse gas emissions, including those produced by Japanese steelmakers like JFE.