Nippon Steel: Don't See Price Rises in Asia for Now-Shanghai Metals Market

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Nippon Steel: Don't See Price Rises in Asia for Now

Industry News 11:37:05AM May 15, 2012 Source:SMM

May 14 (Reuters) - Nippon Steel Corp, the world's No.4 steelmaker, expects a supply glut of steel products in Asia to continue for a while, with price rises unlikely for now, President Shoji Muneoka said at a news conference on Monday.

Muneoka called the firm's annual cost reduction target of 150 billion yen ($1.88 billion) following a planned merger with Sumitomo Metal Industries Ltd on Oct. 1 "conservative".

 

 

Key Words:  Nippon Steel   glut   Asia   price   rise 

Nippon Steel: Don't See Price Rises in Asia for Now

Industry News 11:37:05AM May 15, 2012 Source:SMM

May 14 (Reuters) - Nippon Steel Corp, the world's No.4 steelmaker, expects a supply glut of steel products in Asia to continue for a while, with price rises unlikely for now, President Shoji Muneoka said at a news conference on Monday.

Muneoka called the firm's annual cost reduction target of 150 billion yen ($1.88 billion) following a planned merger with Sumitomo Metal Industries Ltd on Oct. 1 "conservative".

 

 

Key Words:  Nippon Steel   glut   Asia   price   rise