Tokyo Steel to invest in ship steel production
A decline in the sales of
construction products prompted Japanese steel producer Tokyo Steel
Manufacturing Co to announce plans to invest Yen 25 billion ($239 million) in the company's
shipbuilding steel product line.
In order to stay competitive in the market, Tokyo Steel reduced its
production of building steel in order to focus on
production of higher-end steel.
Tokyo Steel intends to establish a new
production line that will produce steel plates to be used in
shipbuilding. The new line, with an annual capacity of 600'000 tons of steel plates, is scheduled to be completed by January 2007.