The nation's biggest steelmaker, Nippon Steel Corp., said Friday it has revised downward its group earnings projections for the fiscal first half due to a prolonged slump in domestic demand.
Nippon Steel said it now expects a consolidated net loss of 10 billion yen for the half year, marking a drastic turnaround from a projected net profit of 3 billion yen announced May 23.
The company also lowered its consolidated pretax profit projection to 10 billion yen from the earlier projected 15 billion yen.