Nippon Steel closes Nagoya Plant
Japanese steel mill Nippon Steel has announced that it will close its Nagoya plant provisionally due to fire that took place two days ago, which caused injury of fifteen employees. The officials from the company state that it is uncertain how long the plant, which is a leading supplier of high-grade steel sheets for Toyota, Honda and Mitsubishi Motors, will remain closed.
The fire, which resulted from explosion of 50-meter high gas tank, is estimated to affect
production of the company. The officials state that on the condition that the closure of the plant lasts more than a week, it will affect the sales of the company mostly serving for carmakers sector even if the other plants are operating at full capacity. However, due to strong demand from Asia, Nippon Steel as well as neighbouring steel mills forecasts its year-end profit to be high.