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Kobe Steel reduces earnings forecast

Japanese steel company Kobe Steel has reduced the earnings forecast for the 2009−2010 fiscal year by 37%. This was stated by representatives of the group, Bloomberg reported.

In particular, the Corporation believes that by the end of this year, it will receive a financial loss of $ 243 million.

As it is known, in the IV quarter of Kobe Steel also was on the verge of losses, however a net profit of $ 80 million.

Previously, the company expected that the volume of steel production by 31 March 2010 will grow to 6.4 million tons. At the same time, the results of July-September last year, Kobe Steel produced 2.11 million tons of products. At the same time exports increased by 28%.

Founded in 1911 «Kobe Steel, Ltd.» Is one of the leading Japanese steel companies.

Its activities are focused in several key segments. The first and main for the company — the production of iron and steel. The company produces steel wire, flat-rolled products, pipes, moldings and other aluminum and copper -. Next business segment of the company. The company directly produces metal and final products made of it. The company is a leading producer of titanium in Japan. Kobe Steel produces pure titanium, titanium alloys, flat-rolled products, pipes. The company also manufactures industrial machinery and construction equipment.

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