Kobe Steel has reinstated its medium-term business plan, which was to have been implemented in fiscal 2009 but was delayed due to the deterioration of the world economy last year.

Kobe Steel has now formulated its Medium- to Long-Term Business Vision taking into account that the economy is on a gradual recovery trend.

The new plan provides the framework for Kobe Steel for the next five to ten years.

Kobe Steel aims to achieve consolidated sales of JPY3tri ($32bn) and ordinary income of JPY200bn ($2.1bn). It believes that overseas sales will comprise 50% of total consolidated sales.

The Iron and Steel business is one of eight business divisions ranging from metals through machinery construction to eco solutions.

For the steel business, which is the largest in terms of sales representing 43% of all sales in the nine-months to December 2009, the Vision G programme targets meeting demand in developing countries such as China and India, expanding the market for high value added steel products including high strength and speciality steel.

Kobe planned to produce 6.6Mt of crude steel in the 12 months to 31 March 2010, up from its October estimate of 6.4Mt.