Japan’s Nippon Steel posts lower profit, still beats forecasts
Photo: Reuters
Nippon Steel, Japan's top steelmaker, posted on Friday 350.2 billion yen ($2.41 billion) in net profit for the year ended in March, down 36% from a year ago but beating analysts' forecasts.
An LSEG poll of analysts had expected Nippon Steel to post a 334.3 billion yen net profit for the last fiscal year, News.Az reports, citing Reuters.
The company forecast net profit for the year ending next March at 200 billion yen.
Nippon Steel's $15 billion bid for U.S. Steel, rejected by former U.S. President Joe Biden, is under revision by U.S. authorities.
Similar news
