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Kallanish Kallanish

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April, 18th 2021

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OCT 06
12:10

Nippon to restart Kimitsu blast furnace

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Nippon Steel says it will restart by end-November the No.2 furnace in the Kimitsu area of its East Nippon Works, on account of an improved demand outlook.

The unit was initially banked in May (see Kallanish passim). Besides the Kimitsu unit, four of Nippon’s blast furnaces remain idled.

Nippon Steel said in August its steel production is expected to reach 14.9 million tonnes in the first half and 16.9mt in the second half of the fiscal year through March 2021 (FY20-21). This means capacity utilisation will increase from 60-70% in H1 FY20-21 to about 80% in H2.

The firm reported a net loss of JPY 41.42 billion ($392.35 million) in the April-June quarter, compared to a JPY 38.9 billion profit a year earlier.

The firm’s president, Eiji Hashimoto, subsequently said Nippon Steel is seeking overseas mergers and acquisitions in order to improve competitiveness.

Adam Smith Germany