iWon Money & Investing
TOKYO -(Dow Jones)- Japan’s largest electric furnace operator Tokyo Steel Manufacturing Co. (5423.TO) will cut the prices of its steel products for the first time in almost four years to better compete with imports, a company spokesman said Tuesday.
The spokesman said Tokyo Steel will trim the prices of its products sold through regular distribution channels by as much as 14% starting next month. There hasn’t been any significant change in the supply and demand balance, he added.
Tokyo Steel last cut prices in July 2001, he said.
The company’s products include hot-rolled steel coil, the base material for steel sheet, pickling coil and galvanized steel coil.
As the price cut is a reflection of increasing foreign competition in Japan’s domestic market of general-purpose products, the cut may also affect the pricing strategies of other steel makers.