Japan's largest steelmaker, Nippon Steel, said yesterday that it would invest ¥25 billion (US$230 million) in setting up a new production line to meet soaring demand from domestic auto and shipbuilding makers.
The new line, to be built in Chiba, east of Tokyo, has a production capacity of 2 million tonnes a year, equivalent to 7 percent of Nippon Steel's total production, company spokesman Hayato Uchida said.
"We are seeing robust demand for high-quality steel products from Japanese auto and shipbuilding makers. With our new production line, we hope to meet that demand," Uchida said, adding that the new line will start operations next year.
Nippon Steel, the world's third-largest after Dutch producer Mittal Steel and Arcelor of France, said last month its net profit in the June quarter nearly quadrupled to ¥91.61 billion on strong demand from carmakers and shipbuilders.
Two Japanese automakers suspended some of their production in the last fiscal year as they struggled to acquire enough steel from their suppliers amid the surging demand, particularly in China.
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