Nippon Steel adjusts FY20 business outlook upwards
Feb 08, 2021 12:30
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Nippon Steel, Japan’s largest integrated mill, now expects to be able to post a pre-tax profit of Yen 30 billion ($284.6 million) on a consolidated basis for fiscal 2020 (April 2020-March 2021), reversing its earlier projection of a Yen 60 billion pre-tax loss, the company announced on February 5.
Nevertheless, on an after-tax consolidated basis, the steelmaker still
expects to record a Yen 120 billion net loss for its business year ending next
March but this is less than it had forecast last November of Yen 170 billion.
“Steel demand, mainly from the auto sector, is recovering much quicker than
expected and this