Nippon Steel Swings To Loss As Oversupply Hits Sector
Fahad Shabbir (@FahadShabbir) Published July 28, 2016 | 03:15 PM
TOKYO, (APP - UrduPoint / Pakistan Point News - 28th july,2016) - Japan's Nippon Steel & Sumitomo Metal said Thursday it swung to a loss in its fiscal first quarter as slowing Chinese demand and lacklustre sales at home dented its bottom line. The Tokyo-based firm, one of the world's biggest steel producers, posted a net loss of 14.6 billion Yen ($139 million) in the April-June period, reversing a 72.7 billion yen net profit a year ago. Revenue tumbled nearly 17 percent to 1.05 trillion yen, it said.
"Overseas steel demand was flat, as the impact from the declining trend in Chinese demand was strong despite some moderate signs of recovery in ASEAN (Association of Southeast Asian Nations)," the company said. Deadly earthquakes in Japan earlier this year forced customers, including the key automotive industry, to temporarily shutter factories, Nippon Steel said. The firm, however, added that it would claw out of the red in the first half of its fiscal year to March 2017.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From World
-
Team from Gaza mediator Egypt heads to Israel: source
2 minutes ago -
Xi tells Blinken US, China should be 'partners, not rivals'
2 minutes ago -
Ukraine agriculture minister freed on bail in corruption case
22 minutes ago -
Vietnam National Assembly head resigns amid graft purge
22 minutes ago -
Calls for mosque demolition weigh on India's Muslim voters
32 minutes ago -
Chinese shares close higher Friday
32 minutes ago
-
China's EV execs bullish on Western pressure at Beijing car show
42 minutes ago -
EU toughens rules on fashion retailer Shein
42 minutes ago -
Xi meets U.S. secretary of state in Beijing
52 minutes ago -
Ukrainian minister detained over suspected corruption: prosecutors
52 minutes ago -
Golf: PGA Zurich Classic of New Orleans scores
1 hour ago -
Pilot seriously injured after vintage plane crash in Western Australia
1 hour ago