Arab Today, arab today world\s 2nd biggest steel maker posts 39 bn loss
Last Updated : GMT 13:15:39
Arab Today, arab today
Arab Today, arab today

World\'s 2nd biggest steel maker posts $3.9 bn loss

Arab Today, arab today

Arab Today, arab today World\'s 2nd biggest steel maker posts $3.9 bn loss

Tokyo - AFP

The world\'s second biggest steelmaker, created through the recent merger of Japan\'s Nippon Steel and Sumitomo Metal, on Friday posted a $3.9 billion combined net loss in its fiscal first half. The whopping shortfall for Nippon Steel and Sumitomo Metal Corp. was largely linked to stock investment losses and the writedown of money-losing Japanese mills, it said. Global competition in the steel industry has intensified in recent years even as demand has been spurred by fast-growing economies such as China, which are undertaking massive construction, infrastructure and manufacturing projects. However a slowing global economy and weakening vehicle production are threatening steelmakers\' bottom line. Japanese producers have also struggled with an unfavourable exchange rate, which saw the yen hit record highs against the dollar late last year, making their exports less competitive overseas. \"We are in the situation of mounting uncertainties as nobody can predict how the situation is going to play out or when a recovery is set to start,\" Executive Vice President Fumio Hombe told a news briefing, according to Dow Jones Newswires. In its results Friday, the combined firm said Nippon Steel alone booked a loss of 176.66 billion yen ($2.2 billion) in the six months to September, reversing a year-earlier profit, with sales down 5.4 percent. Sumitomo Metal lost 133.85 billion yen in the same period, expanding its year-earlier loss, on slightly higher sales. Combined revenue was about $32.7 billion, they said. The loss comes after the two Japanese giants formally merged last month, creating the world\'s second largest steelmaker behind India\'s ArcelorMittal. On Friday, the firms said domestic steel demand was steady in the key construction and auto sectors after last year\'s quake-tsunami disaster, but the expiry of government eco-vehicle subsidies could take a bite out of demand for new vehicles. Japanese steelmakers are also struggling against fierce competition from Chinese and South Korean rivals, while a global economic slowdown has weighed on demand for steel, used in everything from cars to smartphones. \"Steel demand overseas is beginning to weaken after having been driven largely by strong demand in Asia,\" the company said in a statement, warning of a supply glut that is \"causing the deterioration of the steel market\". \"In this severe operating environment, the company continued its efforts to maximise cost improvements\", it added.

arabstoday
arabstoday

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 world\s 2nd biggest steel maker posts 39 bn loss Arab Today, arab today world\s 2nd biggest steel maker posts 39 bn loss

 



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 world\s 2nd biggest steel maker posts 39 bn loss Arab Today, arab today world\s 2nd biggest steel maker posts 39 bn loss

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
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