Daido Steel expands Asian business of special steel and magnetic materials when the firm launches new mid-term plan through fiscal 2014 ending March 2015. The firm increases the large diameter special steel bar to maximum 8 times or monthly around 4,000 tonnes to Chinese operation of the alliance partner, Timken Company of USA from Chita plant. Daido Steel doubles magnet making capacity at the affiliate, Daido Electronics (Suzhou) in China to meet growing demand for automobile while Daido Steel expands tool steel cut processing plant in Indonesia to serve motorcycle industry. The firm expands offshore investment to follow growing market.
Daido Steel agreed with Timken to expand the alliance in September 2009. Daido Steel increases the special steel bar sales to Timken’s Chinese operation from current 500-1,000 tonnes per month to 3,000-4,000 tonnes. Daido Steel expands the sales of high grade steel products mainly used in growing industrial machinery. Daido Electronics (Suzhou), which is subsidiary of Daido Steel’s wholly owned subsidiary, Daido Electronics to make magnet for automobile, has expanded the output capacity in recent years. The magnet plant in China expands the magnet making capacity for electronic power steering to monthly 435,000 units from around 220,000 units to meet growing demand. Daido Steel continues investment in automotive magnet business when the firm expects the demand keeps expanding mainly in China where automobile production and sales exceeded 18 million units in 2010. Daido Steel expands tool steel sales in Indonesia through the affiliate. Daido Steel built the second plant of the affiliate to meet growing demand for motorcycle. The plant improves delivery service through deposit and heat treatment and cut process service while the plant expands export to Thailand and Malaysia. Daido Steel launched Daido Steel (Shanghai) by combining Shanghai office and Shanghai based trading subsidiary of Daido Steel’s subsidiary, Daido Kogyo to expand the business in growing Chinese market. The local company in Shanghai reorganized the branches to launch offices in Guangzhou and Dalian. The local company in Shanghai develops Chinese market of special steel, forging products and heat treatment furnace to expand the sales while the company expands procurement activity of raw materials for better group competitiveness.Japan Steel Scrap Composite Prices (Sangyo Press)
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