Shinagawa fiscal year profits rise 39% due to strong steel demand in Japan
Published: Thursday, 06 August 2015
The Japanese company has dodged the bullet that has hit other refractories producers who rely on the steel market, posting solid fiscal year results. There is strong domestic demand for its products, as the steel sector picks up in Japan, due to the forthcoming 2020 Tokyo Olympics. The firm has also been helped by reconstruction activity following the country’s earthquake of 2011.
Japan’s largest refractories
producer, Shinagawa Refractories Co. Ltd, has posted a 39% jump
in net profits to Japanese yen (JPY) 3.09m ($24.8m*) for the
fiscal year ended March 2015, helped by strong domestic demand
for its products on the back of a steady steel market.