Kobe Steel Ltd News
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Nippon Steel & Sumitomo Metal Corp., JFE Holdings Inc. and Kobe Steel Ltd., Japan’s top three steelmakers, plan to pare costs by 275 billion yen ($2.7 billion) this year after a global glut pushed down product prices and curbed earnings at their iron and steel divisions.
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Asian stocks rose this week, with the regional benchmark index heading for the biggest monthly gain this year, as companies including BYD Co. and Kobe Steel Ltd. forecast profit increases.
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Kobe Steel Ltd., Japan’s third- biggest steelmaker, surged the most in 4 1/2 years in Tokyo trading after it forecast its first profit in three years.
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Shipments of rolled-aluminum products by Japanese fabricators to domestic and overseas markets decreased at a slower pace in March, supported by demand from beverage-can makers, according to an industry group.
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Builders of Tokyo Skytree, the 65 billion yen ($656 million) broadcast tower almost double the height of the Empire State Building, say they aim to make their mark on more than just the Japanese metropolis’s skyline.
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Japanese stocks slid, with the Topix Index falling for the first time in three days, after the euro-area economy contracted in the second quarter. Declines were limited as U.S. retail sales rose more than estimated.
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Kobe Steel Ltd., Japan’s third- biggest steelmaker, will return to profit in the next fiscal year by cutting costs, incoming President Hiroya Kawasaki said.
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Japanese shares rose, pushing the Nikkei 225 Stock Average above 10,000 for the first time since April, amid optimism the Bank of Japan will add easing tomorrow at the close of a two-day policy meeting. Steelmakers advanced on prospects for more public works to stimulate the economy.
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The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
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Shinzo Abe quit as Japan’s prime minister five years ago, citing an intestinal disorder and apologizing for being unable to fulfill his duties. Now on the verge of retaking office, redemption may depend on whether he can repair an economy that’s deteriorated in the interval.
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