Mitsubishi-Hitachi to Get Higher Order for Steel Plants

Tokyo based steel making facilities supplier, Mitsubishi-Hitachi Metals Machinery expects the order receipt will increase by 17% to around 74 billion yen for fiscal 2007 from fiscal 2006. The firm will clear the target of 70 billion yen for fiscal 2008 under mid-term plan through fiscal 2008 a year ahead of schedule after the expansion to 63.1 billion yen in fiscal 2006 from 60.6 billion yen in fiscal 2005 and 53.4 billion yen in fiscal 2004. The joint venture of Mitsubishi Heavy Industries and Hitachi is world top supplier of hot rolling and cold rolling mills for steel and nonferrous metals. The firm got 45.5 billion yen of order from offshore buyers in fiscal 2006 including hot strip mill with annual 3.5 million tonnes of output capacity from JSW Steel of India, pickling and tandem cold rolling mill with 1.6 million tonnes of capacity from Shougang Jintang United Iron and Steel and Jiuquan Iron & Steel of China and sendzimir mill from Columbus Stainless of South Africa. The firm is also working for conversion of Japanese major steel makers. The firm revised the expectation of order receipt for the year to March 2007 up to 74 billion yen from original 65 billion yen when the major steel making facility demand expands worldwide. The firm expects the order from offshore buyers will be 46 billion yen. The firm tries to get order for hot rolling mill of Hyundai Steel of South Korea, major steel making projects of POSCO of South Korea and cold rolling mill of China Steel of Taiwan. The firm also seeks business opportunities for major projects including new US plant of ThyssenKrupp of Germany, expansion plan of JSW Steel and expansion of USIMINAS.