Posco, South Korea’s biggest steelmaker, forecast a global economic revival will help boost sales this year after profit slumped in 2013 because of waning demand from builders of ships, cars and houses.
The ban on mineral-ore exports from Indonesia, the world’s biggest nickel producer, is poised to benefit neighboring miners in the Philippines, which are predicting an increase in sales. Shares of Nickel Asia Corp. advanced to the highest level since July.
Sumitomo Metal Mining Co., Japan’s top nickel producer, said its Taganito nickel project in the Philippines shipped the first shipment to Japan in late October and is heading for full production from January.
Sumitomo Metal Industries Ltd., Japan’s third-largest steelmaker, fell to the lowest in three weeks in Tokyo trading after booking a 79.8 billion-yen ($1 billion) charge to write down the value of its stock investments.
Nippon Steel Corp., Japan’s largest steelmaker, received clearance for its 685 billion yen ($8.8 billion) all-share purchase of Sumitomo Metal Industries Ltd. to create the world’s second-biggest steelmaker.