Nippon Mining Acts for Better Profitability

Nippon Mining Holdings announced on Wednesday the firm will reduce the investment by around 40 billion yen in fiscal 2008 from the original plan. The firm tries to improve the profitability under the severe business condition through the cost improvement actions including pay cut for management and companywide cost cutting.

The firm reduces the salary of board member, executive officers and senior officers of the holdings, Nippon Mining & Metals and Japan Energy by 6-10% while the holding company cuts the bonus for the executives and senior officers of the holding company and Japan Energy by 100% while the firm reduces the bonus by 80-90% for Nippon Mining & Metals.

Nippon Mining & Metals tries to improve the efficiency for all operations in the group. The firm cuts term employees by 170 at electronics materials processing plants. The firm plans temporally operation idle along with layoff at the plants. The firm withdraws from double layered plating substrate business for chip on film.

Japan Energy also tries to improve the operations while the firm reduces the crude oil treatment volume by 11% in January-March from same period of 2008.