Japan Major 5 Stainless Makers Post Favorable Results for 1H

Japanese major 5 stainless makers posted higher sales for the half year to September from same period of 2005, according to their financial results. Nippon Yakin Kogyo and Nippon Metal Industry posted record sales. Nippon Steel & Sumikin Stainless Steel (NSSC), Nippon Metal Industry and Nippon Kinzoku posted higher consolidated recurring profit when they increased the sales volume and selling price along with inventory valuation gain from nickel stock. They are expected to increase the sales and profit for the full year to March 2007. NSSC’s sales volume increased by 2.2% to 508,000 tonnes in the first half from same period of 2005. Nippon Metal Industry’s sales increased by 18.9% to 195,000 tonnes. NSSC’s averaged selling price increased by 24,000 yen to 271,000 yen per tonne. NSSC and Nippon Metal Industry gained from inventory valuation profit for the first half while Nippon Yakin was suffered from higher raw materials’ cost. Nippon Kinzoku, which posted record profit, and Nippon Metal Industry improved the products mix for higher profit.