Japan's Nippon Steel full-year profit down 21%, beats estimates

NIPPON Steel, Japan’s biggest steel maker, posted on Thursday (May 9) a 20.8 per cent fall in net profit for the year ended in March to 549.4 billion yen (S$4.78 billion), beating estimates.

Nippon Steel had been expected to post a net profit of 464.6 billion yen, according to a LSEG poll of analysts.

For the year ending in March 2025, Nippon Steel forecast a net profit of 300 billion yen.

The company reiterated that it planned to close its US$15 billion deal to buy US Steel by the end of this year at the latest. REUTERS