Sumitomo Metal News
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Japanese Prime Minister Shinzo Abe promises that Abenomics will revive the nation’s industrial might. For Takumi Tanaka at auto-parts maker Uchida Co., times are worse than after the 2011 earthquake.
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Nickel exports from Japan may climb to a record this year as Prime Minister Shinzo Abe’s stimulus hasn’t spurred demand in the third-biggest user, adding to a global glut, the country’s top producer said.
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This week’s slide in Japanese stocks raises the stakes for Prime Minister Shinzo Abe’s planned revamp of business regulations as officials sought to sustain confidence in efforts to revive the economy.
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A unit of Nippon Steel & Sumitomo Metal Corp., Japan’s largest steelmaker, expects annual sales of 5 billion yen ($49 million) from its geothermal business as early as 2015.
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Kobe Steel Ltd., Japan’s third- biggest steelmaker, jumped 16 percent in Tokyo trading, leading domestic rivals higher and extending yesterday’s gain after saying it planned to sell its voting right stake in hydraulic equipment maker Nabtesco Corp.
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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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Nippon Steel & Sumitomo Metal Corp. and JFE Holdings Inc., Japan’s top steelmakers, will reclaim marketshare lost to faster-growing Asian rivals, including Chinese suppliers, helped by a weaker yen and Prime Minister Shinzo Abe’s currency policies, analysts said.
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Consumers will sell the least used gold in five years after prices tumbled into a bear market, curbing a source of metal that typically accounts for about one in every three ounces of global supply.
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Mexico’s auto production has almost doubled since 2009. Now its steel industry is trying to catch up by spending almost $3 billion on new and improved factories.
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Sumitomo Metal Mining Co., Japan’s top nickel producer, will slow the pace of investments in the next three years and shift focus to spending on raw material assets as competition for resources intensifies.
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