Flood in Thailand Hurt Japanese Steel Industry
The floods in Thailand that have forced steel consumers there to halt operations, combined with concerns about the strong yen, have prompted the Japan Iron & Steel Federation (JISF) to cut its crude steel forecast for this fiscal year.JISF said that crude steel output would be around 107m tonnes. Just a month ago, JISF announced that thanks largely to a recovery in automotive output, crude steel this fiscal may reach 109mt, up from the 108mt it had forecast in June.
Nippon Steel Corp. expected its steel shipments to decline by around 300000 tonnes due to floods in Thailand, which would hurt its profits by around 5 billion yen.
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