Nippon Steel Corp, the world's No.4 steelmaker, expects a supply glut of steel products in Asia to continue for a while, with price rises unlikely for now, President Shoji Muneoka said at a news conference.
Muneoka called the firm's annual cost reduction target of 150 billion yen ($1.88 billion) following a planned merger with Sumitomo Metal Industries Ltd on Oct. 1 "conservative".
Source: Reuters