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Japan's top steelmaker says half-year profit down 2.9%
Nippon Steel & Sumitomo Metal, one of the world’s biggest steelmakers, said on Thursday that its half-year profit slipped 2.9%, as it pointed to still-high production by Chinese mills. The firm’s net profit in the April-September period fell to 112.2 billion yen, saying its net profit a year earlier was lifted by a one-time investment gain. Sales rose 3.9% to 2.78 trillion yen, while its operating profit fell 2.7% to 135.5 billion yen, it added. “Steel exports were generally solid on the back of a gradual recovery in the global economy, but international steel market conditions continued to require caution ... (full story)