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Nippon Steel FY profit falls 13 pct, hurt by surging coal prices
April 28, 2017 / 6:08 AM / 7 months ago

Nippon Steel FY profit falls 13 pct, hurt by surging coal prices

TOKYO, April 28 (Reuters) - Nippon Steel & Sumitomo Metal Corp, Japan’s biggest steelmaker, said on Friday its recurring profit slid 13 percent for the year ended March as higher prices for coking coal, a vital steelmaking ingredient, bit into profit margins.

The world’s third-largest steelmaker said in a statement that recurring profit - pre-tax earnings before one-off items - declined to 174.5 billion yen ($1.6 billion) from 200.9 billion yen the previous fiscal year. That was well above its own earlier estimate of 130 billion yen, and beat a consensus estimate of 145.9 billion yen among 14 analysts surveyed by Thomson Reuters I/B/E/S.

The firm didn’t issue a profit forecast for the current fiscal year that ends on March 31, 2018.

$1 = 111.1300 yen Reporting by Yuka Obayashi and Aaron Sheldrick; Editing by Kenneth Maxwell

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