Eiji Hashimoto, chairman of the Japan Iron and Steel Federation (JISF) and the president of Japanese steelmaker Nippon Steel Corporation, has stated that, if the war between Ukraine and Russia lasts for a long time, it will impact global steel demand and trade significantly as both countries are steel exporters, according to a media report by Reuters.
Mr. Hashimoto said that the global steel market has already faced risks of a demand decrease such as China’s slowdown, the global semiconductor chip shortage, and higher energy prices. These risks have increased further due to the war.
Mr. Hashimoto also added that the recent weakening of the Japanese yen against the US dollar creates a challenge for Japanese manufacturers. He recalled that the weak Japanese yen helped the country to regain global competitiveness in 2012, though he added that the situation is different now.
