Japan 6 Special Steels Post Higher Sales in 1H

Japanese major 6 special steel makers posted higher consolidated sales for half year to September from same period of 2005, according to their financial results. Hitachi Metals, Daido Steel, Aichi Steel, Sanyo Special Steel and Mitsubishi Steel Mfg. posted record sales as half year or first half. Hitachi Metals, Daido Steel and Sanyo Special Steel posted record recurring profit. The 6 major makers increased the sales for the first half from same period of 2005 when they increased the selling price to cover higher cost for raw materials under firm demand for automobile and capital expenditure. Some of them increased the profit by reducing cost and improving products mix while Aichi Steel, Mitsubishi Steel and Nihon Koshuha posted higher recurring profit. The 6 major makers expect higher sales for the full year from previous year while 4 makers other than Hitachi Metals and Mitsubishi Steel expect lower recurring profit. Aichi Steel and Mitsubishi Steel expect they increase the yearly dividend.