Seah Japan Posts Record High Results for Jan-Jun

South Korean welded steel tube maker, Seah Steel’s branch, Seah Japan posted record high result in January-June since the establishment in 1995. The sales increased by 57.9% to 12 billion yen from the same period of last year and recurring profit by 45.7% to 144 million yen when the sales volume increased for temporary housing for restoring from the major earthquake disaster and the firm started steel raw material trading business this year. The sales of steel bar decreased in the first half of this year due to the earthquake, but the order volume increased for temporary housing mainly for stainless steel tube.

The sales volume of steel raw material was 100,000 tonnes including iron ore and direct reduced iron for January-June. The firm expects 200,000 tonnes for July-December. Seah Japan supplies iron ore from mine in South America through trading company in China to Chinese integrated steel makers. Seah Japan contracted for the first time in the end of January. The firm will export iron ore to South Korea and Japan.

Seah Japan forecasts sales increase by 31.6% to 20 billion yen in 2011 from 2010 and the recurring profit decreases by 13% to 200 million yen.

The firm imports welded carbon steel tube, welded stainless steel tube, galvanized steel coil, welding material of Seah Esab and special steel of Seah Besteel from South Korea, and sells these products in Japan while the firm imported ferrous scrap for the first time at total 10,000 tonnes from U.S. to Japan for January-June.

The firm has been exporting ferrous scrap from Japan to group companies in South Korea, but the firm was forced in decrease export due to high yen rate or harmful rumor for radiation by accident at Fukushima atomic power plant.

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