Japan 4 Nonferrous Smelters Gain Q/Q Higher Profits for Apr-Jun

Among Japanese 8 major nonferrous metal smelters, Mitsubishi Materials, JX Nippon Mining & Metals, DOWA Holdings and Nittetsu Mining posted higher consolidated recurring profits for April-June 2011 compared with January-March 2011. Their metal smelting business and electronic material business contributed to the profit improvement. By year-on-year comparison, Mitsubishi Materials, JX Nippon Mining & Smelting and Sumitomo Metal Mining posted higher consolidated recurring profits mainly due to metal price upsurge. The rest smelters except for Nittetsu Mining posted lower recurring profits. Some of the smelters were hit by Japan Earthquake.

Mitsubishi Materials gained above 20% higher consolidated recurring profit in April-June from January-March. The electronic material business unit turned to the black since equity method profit improved for the affiliate companies including SUMCO, the major supplier of silicon wafer. Mitsubishi Materials’ aluminium business unit also turned to the black. Meanwhile, the metals business unit posted lower profit mainly due to output suspension of Onahama smelter in which Mitsubishi Materials has controlling shares.

JX Nippon Mining & Smelting posted above 10% consolidated recurring profit for April-June compared with January-March. The smelting and refining business unit recovered mainly due to price upsurge of copper and by-products such as sulfuric acid. The electronic material business unit also gained higher profit.

DOWA Holdings’ recurring profit increased by 10% for April-June from January-March. The profit improved for recycling, nonferrous metal, and electronic material businesses. Nittetsu Mining’s recurring profit increased by almost 30%.

Sumitomo Metal Mining, Mitsui Mining & Smelting and Toho Zinc posted lower recurring profits for April-June from January-March. Furukawa Posted recurring loss.