Tokyo Steel cuts all product prices

Tokyo Steel Manufacturing Co., the nation's largest electric-furnace mill, cut prices for all its products, the first reduction in three months, to compete against Asian imports as the yen rose to a record.

H-beams, used in construction, will sell for ¥74,000 a metric ton under September contracts, the Tokyo-based company said Monday in a statement. That's 2.6 percent lower than the previous month. Hot-rolled coil prices will be cut by 3 percent to ¥65,000.

The yen rallied to the strongest postwar level of 75.95 to the dollar on Aug. 19. The increased value of the currency makes products of Tokyo Steel and its domestic rivals more expensive than steel from South Korea and China.

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