Nippon Steel Q1 profit

Nippon Steel

Nippon Steel Corp, the world 4th-largest steelmaker, returned to revenue in April-June but gave a full year view well below market consensus as decreasing development in China threatens costs and margins.

This company placed 61.89 billion yen ($705 million) in Apr-June recurring profit — before tax and one-offs — reversing a 56.7 billion yen loss last year.

Nippon Steel, which ideas a automotive sheet venture  with India Tata Steel Ltd, predicted full-year gain of 250 billion yen, versus a consensus for approximately316 billion yen in thepoll of 17 analysts by Thomson Reuters I/B/E/S.

Asian steel mills were helped by a few hefty infrastructure spending in the area, but the outlook is blurred by China and a new prices plan for raw materials which hasincreased earnings volatility.

Nippon Steel stocks, that have dropped by about a 5th since early April, were up 1.7 % at 300 yen in morning trade following the results.

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