Table of Contents
Executive Summary .................................................................3
Blast Furnace Steel Industry: Rebirth Following a Period of
Weakness................................................................................15
Time to Go on the Offensive Now That the Worst Is Over ..24
Short-Term Cycle Looking More Like a Recovery...............40
Electric Furnace Steelmakers: Industry Realignment
Expected .................................................................................53
Individual Companies ............................................................61
Nippon Steel (5401)...................................................................................................62
Sumitomo Metal Industries (5405) ............................................................................75
Kobe Steel (5406) ......................................................................................................90
JFE Holdings (5411)................................................................................................103
Tokyo Steel Mfg. (5423)..........................................................................................116
Yamato Kogyo (5444) .............................................................................................124
Daido Steel (5741) ...................................................................................................136
Reference Data .....................................................................148