Monday, 15th April 2013
In Business In Japan,
Staff at Japan Steel Works to take time off as orders decline
Employees at Japan Steel Works will take time off because of declining orders.
The company's shares dipped by 5.6 per cent to 489 yen on the Nikkei 225 Stock Average and it is set to be the biggest faller in two months of Tokyo trading.
The organisation supplies nuclear parts to customers such as Areva SA but is now inviting staff to take time off work.
Around 500 employees have accepted the proposal, which will see them stay away for two days every month for the next half year beginning mid-April.
"The company's nuclear business in Japan will be tough for a while," Masayuki Otani, a strategist at Securities Japan, told Bloomberg.
Japan Steel Works was founded in 1907 in Muroran as a joint venture between Sir WG Armstrong, Whitworth & Co, Vickers and Sons and Maxim.
The original aim was to produce domestic weapons in Japan and it has since moved on to work in sectors such as new energy, optics, electronics and biotechnology.
Written by Mark Smith