Nippon Steel Opens CH Wire Factory in China
Nippon Steel Opens CH Wire Factory in China
Jason Sandefur
Nippon Steel Corp. established a cold headed steel wire factory for automotive fasteners in Suzhou, China, in concert with the group’s steel wire companies, Japan Metal Daily reports. Nippon held an opening ceremony on November 10 to initiate full-scale production.
The facility aims for annual production of two thousand tons of CH steel wire, which reportedly will be shipped to Japanese fastener companies in the East China area around Shanghai.
During the first six months of 2008 Nippon reported revenue from steelmaking and steel fabrication, including fasteners, grew nearly 14% to 2.23 billion yen (US$23.2 million), helped by strong overseas demand. However segment operating income declined slightly to 229.6 million yen (US$2.4m).
Overall revenue increased 11% to 2.67 billion yen (US$27.8m), while operating income slipped 5% to 250.5 million yen (US$2.6m). Web: nsc.co.jp/en/index.html �2008 FastenerNews.com
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