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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Gersh Avery who wrote (33320)	11/9/1998 3:13:00 AM
From: flickerful	Respond to of 94695

Nippon only company to forecast profit 9 nov 98 By Alexandra Harney in Tokyo Japanese steel company results have confirmed expectations that increasing exports to the US and Europe have failed to offset the widespread losses caused by the collapse in the domestic and Asian economies. The steel companies' announcements came as the US steel industry renewed its calls for anti-dumping measures against Japanese, Brazilian and South Korean steelmakers. Japan's steel companies have slashed production in response to the collapse in demand from the car and construction sectors amid the domestic recession. Only one of the big five steel-makers, Nippon Steel, expects to generate a profit this year - the result of a sweeping restructuring. Nippon Steel reported losses of ¥44.34bn ($375m) in the first half, compared with a ¥8.1bn profit after taxes last time. Sales fell 12.2 per cent to ¥928.42bn. The group recorded an ¥85.7bn extraordinary loss from the disposal of its lossmaking chip division to United Microelectronics, a Taiwan memory group. But in the full year, it said efficiency gains from its cost-cutting programme would lead to after-tax earnings of ¥10bn, a 30 per cent improvement on last year. NKK, which is part of the troubled Fuyo Group, saw after-tax losses of ¥30.04bn in the first half, against profits of ¥11.23bn last time. The losses, which were heavier than analysts expected, were largely due to costs associated with absorbing Toa Steel, its electric furnace subsidiary. Sales slid 10 per cent to ¥456.81bn. Kobe Steel cancelled its mid-term dividend after posting parent losses of ¥3.3bn in the first half, on sales down sharply to ¥473.34bn. The group, which suffered its heaviest losses in semiconductors and machinery, expects losses to balloon to ¥7bn in the full year. This is a net loss of ¥2.5 per share. On a consolidated basis, Kobe revised its earnings forecast downward amid deteriorating conditions in both steel and semiconductor markets. The group said it expected net losses of ¥26bn, against losses of ¥4.8bn last year. It had forecast losses of ¥12bn on sales of ¥1,450bn. The group has slashed executive payrolls and launched a management restructuring to try to revive profitability. Sumitomo Metals recorded losses of ¥36.62bn in the first half, compared with earnings of ¥4.56bn last year. The group also significantly revised its full-year predictions amid expectations that domestic demand was unlikely to recover in the second half. Sumitomo expects consolidated after-tax losses of ¥30bn on turnover of ¥1,430bn. The group suspended its interim dividend. Kawasaki Steel, which did not publish first-half results, said it expected consolidated losses of ¥73bn this year on turnover of ¥1,100bn. This compares with profits of ¥8.4bn and sales of ¥1,244bn last year. Recent warnings and the threats of a US anti-dumping suit have already pushed the sector's share prices to record lows. On Friday, shares in steel companies slipped 0.52 per cent overall. ft.com

To: Gersh Avery who wrote (33320)	11/9/1998 6:04:00 AM
From: Berney	Respond to of 94695

Definitely nothing wrong with that ROE! We just view the world differently. Since I can pull the plug in an instant, I don't have to anticipate what will be, but just react to it! I lost too much before trying to anticipate what the Fed might do. These days I'm content to know that I can react faster than the big guys on the block. In the meantime I'll go with the flow and that is up. Berney

To: Gersh Avery who wrote (33320)	11/9/1998 6:19:00 AM
From: Berney	Respond to of 94695

I came very close to voting Dem for the first time since 1972. This issue is very entertaining to me. Frankly, I believe it is an absolute joke that Billy & Co has been able to set the agenda for the last few years. Berney