|
Japan’s steelmakers see profit plummet
|
According to report, Japan’s largest steelmaker Nippon Steel may see its profit plunge up to 80% in the second quarter due to Chinese competitors’ cut prices.
Nippon Steel may report its profit less than ￥10 billion in consolidated profit for the quarter and down by 80 percent year-on-year and about 50% drop from last quarter.
JFE Steel, the second largest steelmaker, may also report a 60% plunge in profit.
Chinese steelmakers raised output and cut down steel prices sharply for Asian exports which hurt Japanese steelmakers’ profitability on exports. Also, the domestic demand remain slow.
Nippon Steel may merge with Sumitomo Metal Industries, the third-largest steelmaker in Japan, in October in order to become the second largest steelmaker in the world after ArcelorMittal.
News Date
7/23/2012 3:42:53 PM
reported by
Judy Lin
|
|
|
|
|