Japan's Nippon Steel raises FY profit forecast after Q1 beat
Nippon Steel’s first-quarter net profit fell 11 per cent from a year earlier to 157.6 billion yen
JAPAN’S biggest steelmaker Nippon Steel on Thursday (Aug 1) beat first-quarter profit estimates, and raised its full-year profit forecast on expectations of improving steel business.
Nippon Steel’s first-quarter net profit fell 11 per cent from a year earlier to 157.6 billion yen (S$1.4 billion), but came in well ahead of analysts’ expectation of 108.7 billion yen, as per LSEG data.
The world’s fourth-biggest steelmaker raised its net profit forecast for the fiscal year ending in March 2025 to 340 billion yen from 300 billion yen, saying it expects steel business to improve going forward.
Nippon Steel said on Thursday it received a second request for information and data from the US Department of Justice as part of the US government’s review of its deal to buy US Steel, but it still plans to close the transaction by year-end.
As a part of its bid, which has faced resistance from both Democrats and Republicans, Nippon Steel said it has committed no job cuts, job or production transfer overseas or plant closures even after the current agreement between United Steelworkers union and US Steel expires in September 2026. REUTERS
Share with us your feedback on BT's products and services
