Nippon Steel forecasts wider 70 billion yen net loss due to slowing global demand

Nippon Steel revised its full-year earnings forecast, now expecting a net loss of 70 billion yen. This marks an increase from the previously projected 60 billion yen deficit. The downward revision is attributed to a global slowdown in steel demand, leading to falling market prices. Additionally, operational issues with some equipment have impacted the company's performance. In the April-December period, Nippon Steel reported a net loss of 45 billion yen, with revenue increasing by 10.7% year-on-year. The company had posted a profit of 350.2 billion yen in the same period last year.