Japanese steelmakers benefit from Asian demand
It seems that all major Japanese steelmakers, in preparations to release their annual results for the year ending this month will see a considerable raise in their results, contrary to the gloomy outlook of last year, with the influence of strong demand for automobile and
construction steel in their top export markets of South
Korea and
China.
The cost cutting measures as well as restructuring and consolidation programs added on top of the rising prices have also helped the Japanese companies to boost their results. Most analysts believe that positive developments can also be expected for this year depending on the price rises maintained by the producers, particularly for steel sheets for
automotive industry.
Mainly the exports into
China play a significant role to support Japanese producers' sales, and despite the existence of safeguard measures at that destination,
Japan still has plans to carry out exports there in 2003.