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Kobe Steel Cuts FY Profit Forecast by 66%

Steel News - Published on Mon, 05 Aug 2019

Image Source: SteelGuru
Japan’s third biggest steelmaker Kobe Steel Ltd cut its recurring profit forecast for the year to end March 2020 by 67% as the escalating US-China trade war battered steel demand for automobiles and aluminium and copper demand for chips. The company’s recurring profit for the year to March 31, 2020, is now predicted at JPY 10 billion (USD 94 million), down from earlier guidance of JPY 30 billion. A Kobe Steel executive said “Weaker steel demand for overseas automobiles, lower sales of aluminium and copper products used in semiconductor and IT-related segments and system glitches in a US aluminium suspension unit, are also behind slumping profits.”

The company said it will skip dividend payments this year due to the deteriorating profits

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Posted By : Sanju Moirangthem on Mon, 05 Aug 2019
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