Steelmakers, Toyota Agree To Lower Sheet Prices
08/20/2015 - Major steelmakers that supply Toyota Motor Corp. have agreed to cut sheet steel prices on account of lower coal and iron prices.
According to The Japan Times, the manufacturers agreed to what is their first price cut in a year. Toyota and the steelmakers, which include Nippon Steel and Sumitomo Metal Corp., negotiate the price every six months. The price cut is for the period running April to September 2016.
The newspaper reported that the price cut might reduce profit margins and likely will prompt steelmakers to further reduce production costs.
Depending on methodology, Toyota is either the world's No. 1 automaker by 2014 sales, or the No. 2 automaker based on sales in the first half of 2015.
The newspaper reported that the price cut might reduce profit margins and likely will prompt steelmakers to further reduce production costs.
Depending on methodology, Toyota is either the world's No. 1 automaker by 2014 sales, or the No. 2 automaker based on sales in the first half of 2015.
