Industries – Metals: First
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Industries – Metals: First


Atsushi Yamaguchi


"His knowledge and understanding of the sector are unrivaled."

The All-Japan Research Team Hall of Fame welcomes UBS’s Atsushi Yamaguchi, who this year celebrates his 11th consecutive first-place finish. Thanks to the 47-year-old’s “long career and experience in the steel and metals industry,” proclaims one buy-side supporter, “his research analysis is always worth looking at.” Another satisfied client states, “From the iron mines to smelters and mills to finished steel and metal products, he gives me consistently superior analysis of the entire value chain.” Despite a global capacity glut of some 500 million tons of steel and a market he calls “sluggish,” Yamaguchi is increasingly optimistic. A declining yen has made not only steel but also products with steel components, such as cars and trucks, more competitive in global markets, he observes. “Japanese steel mill earnings should recover sharply in 2013,” the analyst predicts. He’s also recommending Tokyo-based Sumitomo Metal Mining Co. “We expect a step-by-step decline in metals prices, but this company can make profits because of low-cost mining operations,” Yamaguchi explains. “It will increase nickel and copper mining capacity over the next six to seven years.” The shares were trading at ¥1,386 in mid-March, and Yamaguchi believes they will climb to ¥1,760 this year. — Paul Sweeney

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