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    5423   JP3579800008

TOKYO STEEL MANUFACTURING CO.,LTD.

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Tokyo Steel to keep product prices unchanged in October

09/14/2021 | 05:34am EDT

TOKYO, Sept 14 (Reuters) - Tokyo Steel Manufacturing Co Ltd , Japan's top electric-arc furnace steelmaker, said on Tuesday it will hold steel product prices steady in October to ensure hikes implemented in recent months would be absorbed by the market.

For October, prices of its main H-shaped beams will stay steady at 106,000 yen ($964) a tonne while hot rolled coils will remain unchanged at 110,000 yen ($1,000) a tonne.

The company raised prices of pickled and oiled sheets by 2.4% in September, following a hike by up to 4.7% for some of its steel products in August.

"Overseas steel markets have stagnated due to resurgence of the coronavirus in Southeast Asia, but a quick recovery is anticipated thanks to solid demand in China and its policy of reducing crude steel output and steel exports," the company said in a statement.

"The price increases will likely be absorbed by local market as inventory of sheet products are low," the company said. But it added it was not clear how much impact slowing automobile production would have on steel demand.

Toyota Motor Corp cut its annual production target on Friday by 300,000 vehicles as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips.

Tokyo Steel's pricing is closely watched by Asian rivals such as South Korea's Posco and Hyundai Steel , and China's Baoshan Iron & Steel Co Ltd (Baosteel) .

($1 = 110.0100 yen) (Reporting by Yuka Obayashi; Editing by Andrew Cawthorne)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. -3.25% 7.44 End-of-day quote.25.04%
HYUNDAI STEEL COMPANY -3.48% 44350 End-of-day quote.11.99%
POSCO -2.41% 303500 End-of-day quote.11.58%
TOKYO STEEL MANUFACTURING CO.,LTD. 3.22% 1123 End-of-day quote.68.11%
TOYOTA MOTOR CORPORATION 0.00% 1983.5 End-of-day quote.24.64%
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Financials
Sales 2022 260 B 2 288 M 2 288 M
Net income 2022 24 001 M 211 M 211 M
Net cash 2022 59 604 M 525 M 525 M
P/E ratio 2022 5,39x
Yield 2022 1,70%
Capitalization 132 B 1 164 M 1 166 M
EV / Sales 2022 0,28x
EV / Sales 2023 0,29x
Nbr of Employees 1 020
Free-Float 42,1%
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Tokyo Steel Manufacturing Co.,Ltd. Technical Analysis Chart | 5423 | JP3579800008 | MarketScreener
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Mean consensus -
Number of Analysts 0
Last Close Price 1 123,00 
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Managers and Directors
Toshikazu Nishimoto President & Representative Director
Tatsuhiko Matsumura Independent Outside Director
Mika Nomoto Independent Outside Director
Kiyoshi Imamura Managing Director & General Manager-Sales
Toshio Adachi Director
Sector and Competitors