The world's second-largest steelmaker, Nippon Steel & Sumitomo Metal Corp, has raised its financial year 2014's profit forecast from ¥300 billion to ¥340 billion, up 13%. The company contributes the profit forecast rise to cost cut and strong steel demand & prices that supported by Abenomics stimulus programme. In the April-September period, its recurring profit grew nearly nine-fold to ¥173 billion, up from ¥19.5 billion in one year ago. It is said that the cost reduction is the biggest boost to the company's earnings, which together with the higher steel output are contributing to a profit recovery.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66917&division=A6
