Latest News

Nippon Steel revises down earnings projection, says United States Steel deal on track

Nippon Steel, Japan's. greatest steel maker, revised on Thursday its fullyear net. revenue outlook to 310 billion yen ($ 2 billion) from a previous. forecast of 340 billion yen due to stock assessment losses. from weak basic material rates.

Even as Nippon Steel, the world's fourth-biggest steel. maker, revised its projection for the ending March, it. anticipates to maintain full-year dividend target at 160 yen apiece.

Its net profit for the six-month period ended Sept. 30 was. down 19% at 243.4 billion yen year-on-year.

The business restated its plans to close its acquisition. deal for U.S. Steel before the year-end. Nippon Steel. declared the timing after Republican Donald Trump, who has. stated he would block the offer, won the U.S. presidential. election.

The Committee on Foreign Investment in the United States. ( CFIUS) has extended its review of the $15 billion offer until. completion of December. Nippon Steel said on Thursday the deal was. advancing towards close.

In order to win the approval, Nippon Steel has actually made social. warranty and financial investment pledges to United States Steel and an effective. labour union involved, and promised to sell a stake in a U.S. steel plant's joint venture if it prospers in the buyout.

(source: Reuters)