Mitsubishi-Hitachi Metals Machinery Aims 75B Yen Order Receipts in F2010

Mitsubishi-Hitachi Metals Machinery, Japanese major steel manufacturing equipment maker, aims annual order receipts at above 75 billion yen for fiscal 2010 ending in March 2011. Domestic and offshore steel makers are expected to restart equipment orders in fiscal 2010 those which are postponed from fiscal 2009 in response to global financial crisis.

The firm was established in October 2000 when Mitsubishi Heavy Industry and Hitachi integrated each steel manufacturing equipment division. The firm is the global top supplier of hot and cold rolling mill. The firm’s non-consolidated annual net sales hit record 90 billion yen in fiscal 2009 thanks to order backlogs from Dragon Steel in Taiwan, Usiminas in Brazil and JSW Steel in India. Meanwhile, non-consolidated new order receipts didn’t achieve the planed value.

Domestic and offshore steel makers are expected to boost capital expenditures in fiscal 2010 in India, Indonesia and Brazil. Mr. Ikuhiro Yamazaki, president of Mitsubishi-Hitachi Metals Machinery said the firm has planned annual order receipts at 75 billion yen for fiscal 2010 but tries to exceed the plan by sales enhancement especially in the second half year. The non-consolidated net sales are estimated at 70 billion yen for fiscal 2010.

Offshore orders account for 80% in the firm’s total order receipts. The firm established a local office in New Delhi, India in February 2010 to builds up order acceptance in the country.