Major Quake Impacts Japan Special Steel Makers

Daido Steel announced on Friday the firm’s consolidated recurring profit increased by only 0.1% to 31.762 billion yen in fiscal 2011 ended March 2012 from fiscal 2010. Slower automobile output under the major earthquake impacted the firm’s special steel shipment in earlier fiscal 2011 but the output rebounded and special steel demand increased in offshore market. Aichi Steel’s consolidated recurring profit decreased by 38.4% to 7.925 billion yen.

Daido Steel’s steel output increased by 40,000 tonnes to 1.26 million tonnes in fiscal 2011 from fiscal 2010. Aichi Steel’s steel shipment increased by 44,000 tonnes to 866,000 tonnes.

Daido Steel plans 1.3 million tonnes of steel output for fiscal 2012 but expects 0.8% lower recurring profit from fiscal 2011. Aichi Steel expects 894,000 tonnes of steel shipment but expects only 0.9% higher recurring profit. The two major special steel makers expect higher demand with severe price competition.

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