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Nippon Steel Q2 output down 33%, net loss at $398 million

Nippon Steel, Japan’s largest integrated mill, announced a 33.3% on-year drop in its crude steel output over April-June to 8.3 million tonnes on the consolidated basis, recording a net loss at Yen 42 billion ($397.5 million), according to its latest financial report released on August 4.
Lower steel output was mainly due to the demand decline from the manufacturers over the virus outbreak, though by end of the first half of FY20 (April-September), the output may be able to bottom out, a Nippon Steel official explained. Nippon Steel expects its total steel output for the whole FY20 (April 2020-March 2021) at 36.3

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