|
|
Article: Nippon Steel's profit forecast raisedU.S. subprime crisis not expected to halt strong demand for the alloyBUSINESS ASIA by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- September 7, 2007
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
|
Dave McCombs
International Herald Tribune
09-07-2007
Nippon Steel, the world's second-biggest maker of the alloy, increased its full-year profit forecast Thursday to a record amid rising demand and prices for the metal used by shipbuilders and automakers. Net income is expected to rise 3.9 percent to 365 billion, or $3.2 billion, in the fiscal year to March 31, 2008, from a year earlier, the company said in a statement to the Tokyo Stock Exchange.Nippon Steel's outlook for a second year of record profit underscores expectations that global economic growth, led by China and India, will push prices for the metal higher.Arcelor Mittal of Luxembourg, Nippon Steel's bigger rival, said last ...