As Taiyo Nippon Sanso (TNSC) releases its financial figures for the first quarter of 2009, the group notes a bottoming of the recession and improvements in various sectors.
During the first-quarter period (April 1 to June 30, 2009) of fiscal 2009, signs of a bottoming out of the economy were seen in certain sectors thanks to the government’s stimulus packages.
However, against the background of a continued recession in the global economy, conditions in Japan remained severe, with sharp inventory adjustments, major production cutbacks, and drastic curbs on capital investment. In addition, consumer spending remained stagnant amid a worsening employment situation.
In the company’s main user industries – the steel, non-ferrous metals, automotive, and semiconductor industries – a number of plants were closed and production lines stopped in response to the need for sharp inventory adjustments and production cuts.
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