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Nippon Steel announces loss on sale of investment securities in Q2 2012

Steel News - Published on Wed, 05 Sep 2012

Nippon Steel Corporation announces that in the second quarter of the fiscal year ending March 2013, it will record a loss on the sale of investment securities to be recorded as an extraordinary loss incurred by the sale, via Off Auction Own Share Repurchase Trading (ToSTNeT-3) of its shares of Sumitomo Metal Industries Limited, with which business integration is scheduled for October 1st 2012, such sale made taking into account the achievement of the initial purpose of enhancing business collaboration and other considerations.

The company also announces that, due to the above mentioned sale, a reversal of valuation loss has occurred in the second quarter of the fiscal year ending March 2013 with respect to the impairment losses on investment securities recorded as an extraordinary loss for the first quarter of the fiscal year ending March 2013, which was posted in connection with certain securities with market value (investment securities classified into \"other securities\") held by the company which had experienced a significant decline in their market value.

1. Loss on the sale of investment securities in the second quarter of the fiscal year ending March 2013 JPY 91.4 billion

2. Reversal of loss on the valuation of investment securities in the second quarter of the fiscal year ending March 2013

 Consolidated basisNon consolidated basis
Total amount of losses on the valuation of investment securities in Q2 FY 2012-JPY 82.9 billion-JPY 82.9 billion
Total amount of losses on the valuation of investment securities in Q2 FY 2012JPY 13.4 billion13.3 billion
Total amount of losses on the valuation of investment securities in Q1 FY 2012JPY 96.3 billion96.2 billion


Ratio to the amounts of net assets, ordinary profits and net profits
Consolidated basisNon consolidated basis
Amount of net assets at the end of the year ending March 2012JPY 2.347.3 billionJPY 1.220.2 billion
Amount of ordinary profits at the end of the year ending March 2012JPY 143 billionJPY 23.6 billion
Amount of net profits for the current year at the end of the year ending March 2012JPY 58.4 billionJPY 19.6 billion


3. Future Outlook
Regarding the performance forecast for the second quarter of the year ending March 2013 (cumulative), please see \"Notice of recording of impairment loss of assets for business and Announcement of Revision in Forecast for Performance\" announced on August 30. 2012.

Source - Nippon Steel Corporation

(www.steelguru.com)
Posted By : admin on Wed, 05 Sep 2012
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