JFE Steel announced new entity for pending consolidation of 4 electric furnace steel making subsidiaries on Wednesday. The consolidated company, named JFE Bars & Shapes starts operation on April 1, 2012 after current JFE Bars & Shapes merges Daiwa Steel, Tohoku Steel and Toyohira Steel. JFE Steel’s vice president Hiroshi Nomura will assume the president of the new company.
JFE Steel controls 100% of the new company while the capital is to be decided. The new company’s headquarters is same headquarters office of current JFE Bars & Shapes in Tokyo. JFE Steel talks with the 4 companies for details on the new company. JFE Steel will also decide future roles of JFE Bars & Shapes’ president Mitsuoki Hino and other 3 presidents of the electric furnaces. Total sales of 4 electric furnaces were 199.7 billion yen with 2.67 million tonnes of raw steel output in fiscal 2010 ended March 2011.Japan Steel Scrap Composite Prices (Sangyo Press)
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