Japanese 5 major integrated steel makers are expected to turn into the black for April-June 2010 from the red in the same period of 2009. Steel production and sales recovered at the 5 makers in April-June. They could almost absorb high material costs by price hike and cost cut efforts. The 4 makers other than Sumitomo Metal Industries may announce financial forecasts for a half-year and full-year of fiscal 2010 ending in March 2011 this week.
In the second quarter for July-September, the 5 makers are likely to gain profits as high as in the first quarter if their production and sales aren’t seriously impacted by recent inventory adjustment in Asian market. Non-consolidated annual crude steel output plan for fiscal 2010 is 32 million tonnes at Nippon Steel, 30 million tonnes at JFE Steel, 13.7 million tonnes at Sumitomo Metals, 7.6-7.8 million tonnes at Kobe Steel and 4 million tonnes at Nisshin Steel. In the first quarter, the actual production was 8.13 million tonnes at Nippon Steel, 7.26 million tonnes at JFE Steel, 3.35 million tonnes at Sumitomo Metals, 1.98 million tonnes at Kobe Steel and 960,000 tonnes at Nisshin Steel. The demand for high quality steel maintains strong. However, their profits are likely to be impacted by decreasing market prices for common steel products in Asian market. The 5 makers may lower annual crude steel output plans in balance with Asian steel market condition.Japan Steel Scrap Composite Prices (Sangyo Press)
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