Nippon Steel warns of deficit

Source:AFP Published: 2012-8-30 23:30:03

Japan's Nippon Steel warned of a huge 155 billion yen ($1.97 billion) loss in the first half of its fiscal year mainly owing to a write-down in the value of two struggling domestic plants.

The country's biggest steel maker said it expected to book a 155 billion yen shortfall for the six months through September, nearly doubling its year-earlier loss of 85 billion yen.

The steel maker, which is merging with Japan's Sumitomo Metal Industries in October to create the world's second biggest producer, said most of the shortfall was tied to a 120 billion yen write-down on two loss-making Japanese mills.

AFP

 



Posted in: Economy

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