JFE Steel to revamp no.2 blast furnace in last quarter
Major Japanese steel producer JFE Steel Corp. reported that they will initiate a revamp process in the last quarter of 2003, for the no.2 blast furnace in Kurashiki at West Japan Works. Revamp project which will also increase capacity by 1'343 cu metres up to 4'100 cu metres, is expected to cost around $162 million. JFE Steel expressed that they may try to lift prices due to an estimated cut in crude steel production of 300'000 tons, and consequently limited supply. Furthermore, the revamp will certainly have a negative effect on company results in the second half of current financial year ending on March 30, 2004. The project is planned to end by mid November this year.