Arab Today, arab today japan’s top steelmaker cuts fullyear profit forecast
Last Updated : GMT 13:01:22
Arab Today, arab today
Arab Today, arab today

Japan’s top steelmaker cuts full-year profit forecast

Arab Today, arab today

Arab Today, arab today Japan’s top steelmaker cuts full-year profit forecast

Nippon Steel's Kimitsu iron mill plant, pictured at Kimitsu city in Chiba prefecture
Tokyo - AFP

Nippon Steel & Sumitomo Metal on Monday cut its full-year sales and profit forecast amid a slowdown in China and other overseas markets.

The Tokyo-based company, one of the world's biggest steelmakers, also said it will start talks to take a controlling interest in a domestic rival to better compete globally.

The global steel industry has suffered from weakening demand as Asian giant China's economy has slowed down from its high growth era, when international commodity suppliers grew fat off demand for big ticket infrastructure projects there.

NSSMC downgraded its net profit forecast to 140 billion yen ($1.2 billion) for the fiscal year to March, from an earlier estimate of 180 billion yen.

It also revised downwards its full-year sales projection to 4.97 trillion yen, from the 5.0 trillion yen forecast earlier.

For the nine months to December, its net profit edged down 0.4 percent to 153.0 billion yen, while operating profit plunged 42.1 percent to 147.7 billion yen, with sales down 11.1 percent at 3.7 trillion yen.
"Regarding overseas steel demand, on top of the slowdown in steel demand in China, the ASEAN region also experienced stagnant demand," NSSMC said in a statement.

"In overseas steel markets... the company expects the current severe competitive conditions to remain unchanged in the near term as Chinese steelmakers are continuing to expand exports," it added.

It said that factors including gains from sales of its shareholdings helped limit the decline in net income.

Earlier Monday, the company announced an agreement to raise its stake in its French partner Vallourec to around 15 percent by investments worth 350 million euros ($379 million).

NSSMC also agreed to start talks on plans to take control of the fourth largest domestic player Nisshin Steel.

Under the plan, NSSMC would raise its stake in Nisshin from the current 8.3 percent to a range between 51 percent and 66 percent by March 2017, the two firms said.

With the purchase -- estimated at up to 80 billion yen -- NSSMC would control roughly half the domestic stainless steel market, local media said.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan’s top steelmaker cuts fullyear profit forecast Arab Today, arab today japan’s top steelmaker cuts fullyear profit forecast

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday