Nippon Steel, Nippon Steel makes second warning in two months

Manufacturing News, Source : TheManufacturer.com
Published : 10 Apr 2002 9:06

Japan's largest steel maker, Nippon Steel, announced on Tuesday it was expecting a net loss of Y30bn ($228m) for the full year after being hit by appraisal losses from its securities holdings.

In February the company announced that it was revising down its earnings estimates and would break even, citing depressed steel prices and sluggish global demand.

The company was forced to further lower its forecast after reporting a Y73bn appraisal loss on its equity holdings, a large portion of which was from its stakes in Mizuho Holdings and UFJ Holdings.

Nippon Steel's shares closed down 3 per cent at Y197 on Tuesday.

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