Kobe Steel Quarterly Profit Doubles on Asian Demand
Kobe Steel Ltd., Japan’s fourth- largest steelmaker, said third-quarter profit more than doubled on rising Asian demand.
Net income surged to 17.7 billion yen ($217 million) in the three months ended Dec. 31 from 7.4 billion yen a year earlier, the Kobe-based company said today in a statement. Sales rose 4 percent to 433.7 billion yen.
Japanese mills are expanding sales outside their home market, spurred by demand in China and Southeast Asia. Steel exports by the world’s second-largest producing nation climbed 26 percent to 43.4 million metric tons last year, surpassing a 2008 record, the Japan Iron and Steel Federation said yesterday.
The company reiterated today net income may rise sevenfold to 45 billion yen for the year ending March 31.
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