Kobelco Cranes sales up 12%

12 November 2008

Kobelco Cranes' operating profit was JPY 13.1bn, a figure that remained similar to the same period last year, due to higher equipment prices.

Kobe Steel reported that it raised its steel product prices in response to what it called the sharp cost increase of iron ore, coal, and ocean transport. It said that demand continued to be strong from automotive, shipbuilding and other manufacturing industries.

It also reported that in this trading period the Japanese economy faced high energy and natural resources prices, slack exports and stagnant economic conditions. Although it reported that the US and European economies have slowed, China, the Middle East and Russia were able to sustain growth.