Japan metals producers hurt by China slowdown

Tokyo

JAPANESE metals producers continue to cut profit forecasts, with Sumitomo Metal Mining Co and Mitsubishi Materials Corp the latest to warn of the impact of China's slowdown.

Sumitomo Metal slashed its operating profit forecast by 37 per cent for the year through March, according to a statement on Tuesday. Its shares fell as much as 9.5 per cent, the most in four years. Mitsubishi Materials, which is less reliant on metals for revenues, saw its shares rise as it made a more modest reduction in its forecast of 2.4 per cent and gave a rosier outlook on prices.