Japan's Kobe Steel Ltd will spend 100 billion yen ($900 million) over the next five years to boost steel and aluminium supplies to automakers and aircraft manufacturers as it looks to drive growth and counter faltering demand in China.
Steel producers in high-cost countries say their best hope for surviving the global glut is to develop higher value specialised products although they will still face a tough time competing with low-cost Chinese producers.
Under a new five-year business plan announced on Tuesday and starting this month, the country's third-biggest steelmaker aims to bolster its recurring profit, pre-tax before one-off items, to 140 billion yen in the year through March 2021, against an estimated 25 billion yen in the year just ended.
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