Investing.com-- Nippon Steel (TYO:5401) raised its full-year earnings forecasts on Thursday, citing stronger contributions from its overseas operations, particularly U.S. Steel, as it seeks to offset difficult conditions in its domestic market.
Japan's biggest steelmaker now expects profit attributable to owners of 440 billion yen ($2.79 billion) for the year ending March 2027, up from its previous forecast of 290 billion yen.
It also raised its business profit forecast to 720 billion yen from 630 billion yen, while revenue is projected at 11.7 trillion yen, compared with 11.2 trillion yen previously.
For the six months ended September, net profit rose to 262.9 billion yen from a loss of 113.3 billion yen a year earlier. Business profit increased 35% to 307.4 billion yen, while revenue climbed 26% to 5.84 trillion yen.
U.S. Steel is expected to contribute at least 230 billion yen in underlying business profit this fiscal year, up from the previous forecast of 180 billion yen, supported by higher steel prices and operating synergies.
Nippon Steel maintained its annual dividend forecast at 24 yen per share, including an interim payment of 12 yen.
Original Article
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