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Nippon Steel Cuts FY Guidance on Weaker Q1 Results

Steel News - Published on Fri, 02 Aug 2019

Image Source: Trade Markia
Nippon Steel Corp has forecast a 56% drop in business profit in the year through March 2020, as surging iron ore prices and slumping demand are eroding its margins. For the April-June quarter, it reported a 33 percent drop in business profit to JPY 60.6 billion. Nippon Steel said “Business profit is forecast at JPY 150 billion in FY ending March 2020, down from JPY 336.9 billion a year earlier. Nippon Steel EVP Mr Katsuhiro Miyamoto told “The iron ore market’s rally was triggered by Vale’s accident, but is now bolstered by strong demand from China. Steel markets have been falling due to weaker demand, hit by the prolonged US China trade war, but materials markets have been rallying on the back of China’s economic stimulus. This is a new form of China risk.”

He added “We will need to raise prices of our products for industrial customers to meet surging costs.”

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Posted By : Sanju Moirangthem on Fri, 02 Aug 2019
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