On May 30, the largest Japanese ferronickel producer Pacific Metals Co., owned by Japan's biggest stainless steel producer Nippon Steel & Sumikin Stainless Steel Corp - a joint venture between Nippon Steel Corp. and Sumitomo Metal Industries Ltd, announced that it expects a nickel output of 8,305 mt in the first half (ends September 30) of the current fiscal year, down 59 percent compared to the same period of the previous year, due to damage to its plant from the March 11 earthquake.
Pacific Metals expects production at its Hachinohe plant in the Aomori prefecture in northern Japan to return to normal by mid-June this year.
It expects its nickel output to recover to 20,010 mt in the second half of the current fiscal year (ends March 31), up from 17,036 mt in the same period of the last fiscal year.
Pacific Metals expects an operating profit of JPY6.1 billion ($75 million) for the full year ending in March, down from JPY18.5 billion ($228 million) registered a year earlier.