Japan's biggest steelmaker, Nippon Steel, has raised its full-year profit forecast amid improving margins in the steel business, and reiterated its confidence in closing its proposed acquisition of U.S. Steel by year-end.
Net profit in April-June, its first quarter, fell 11% from a year earlier to ¥157.6 billion ($1 billion), but exceeded analyst expectations of ¥108.7 billion as per LSEG data.
The world's fourth-biggest steelmaker increased its net profit forecast for the year ending in March 2025 to ¥340 billion from ¥300 billion, expecting its steel business to improve. Still, the revised figure fell short of analysts' estimate of ¥372.6 billion.