Flooding Keeps Japan's Fastener Factories in Thailand Closed

"To retrieve important hard-disk drives crucial to his automotive fastener business, Takaharu Shinohara, a factory manager of ECF Precision Co., ... dived into 2-meter-deep water at the still submerged factory site," Japan Economic Newswire reports. Meanwhile, parent company Crown Screw Corp. of Japan intends to take over all the production until the Ayutthaya plant at Rojana Industrial Park can resume operations, Shinohara told the news service. Despite the setback, Shinohara said the fastener operation, which has achieved average annual growth of 20%, will remain in Thailand.

In addition, Nippon Steel Corp , the world's No.4 steelmaker, expects its steel shipments to decline by around 300,000 tonnes due to floods in Thailand, which would hurt its profits by around 5 billion yen (US$66 million).