Kobe Steel mulls shutting blast furnace in western Japan -Nikkei
TOKYO May 25 (Reuters) - Kobe Steel Ltd is considering shutting a blast furnace in Kobe, western Japan, to cut production capacity by 20 percent, the Nikkei business daily reported on Saturday, as it tries to turn around its loss-making iron and steel business.
Its iron and steel operations posted an ordinary loss of 50.2 billion yen ($496.1 million) in the year ended March after sluggish demand from shipbuilders and fierce competition from Asian rivals, such as South Korea's Posco and China's Baoshan Iron & Steel.
"Nothing has been decided at this stage," said Kobe Steel spokesman Hiroyuki Yabuki.
Rival Nippon Steel & Sumitomo Metal Corp said in March it planned to mothball one of three blast furnaces at its Kimitsu steel mill around March 2016 and to delay the start of a new blast furnace at its Wakayama plant.
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Ukraine appeals to the West as Crimea turns to Russia |
- Special Report: How China's official bank card is used to smuggle money |