Foundry Daily News

JAP - Nippon Steel 2008 net profit down by 60% YoY

<font face="Arial,sans-serif" size="2">Nikkei newspaper reported that Nippon Steel Corporation's net income may have fallen by 60% to JPY 140 billion last fiscal year.</font>

<font face="Arial,sans-serif" size="2">Nippon Steel may have booked JPY 320 billion pretax profit for the year ended March 31st 2009, down by 43% YoY from a year earlier and about JPY 40 billion less than it forecast in January, because of reduced output.</font>

<font face="Arial,sans-serif" size="2">Crude steel output in the March quarter may have fallen more than 300,000 tonnes short of the Tokyo based company’s planned record low 5 million tonnes, as customers including carmakers and electric machinery manufacturers accelerated production cuts.</font>

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