Japan Steel Works adds $314 mln to boost output

Wed. November 19, 2008; Posted: 09:47 PM

TOKYO, Nov 20, 2008 (Reuters via COMTEX) -- JPSWY | Quote | Chart | News | PowerRating -- Japan Steel Works Ltd, a major supplier of components for nuclear reactors, said on Thursday it would spend an additional 30 billion yen ($314 million) to boost output in response to growing demand for its pressure vessels and other critical power generation equipment.

Earlier this month, French nuclear engineering firm Areva SA said it had taken a 1.3 percent stake in Japan Steel Works, a moved designed to cement ties and secure stable supply.

Japan's Hitachi Ltd and Mitsubishi Heavy Industries each had stakes of 1.4 percent in Japan Steel Works as of the end of September.

Japan Steel Works is a major producer of forged material components critical for nuclear and other power generation systems, including turbine rotor shafts.

It said the investment would be on top of previously announced spending of 50 billion yen after requests from makers of power generation systems, including Hitachi and Toshiba Corp , for it to raise production.

Its output of forged materials for nuclear power generation systems will rise by three times from last business year when it completes the production boost in the year ending in March 2012.

(Reporting by Taiga Uranaka and Yumiko Nishitani; Editing by Michael Watson) ($1=95.59 Yen) Keywords: JAPAN STEEL WORKS/

(taiga.uranaka@thomsonreuters.com; +81-3-6441-1813; Reuters Messaging: taiga.uranaka.reuters.com@reuters.net)

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