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

Nikkei newspaper reported that Nippon Steel Corporation's net income may have fallen by 60% to JPY 140 billion last fiscal year.

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.

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.

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