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Kyodo News International (Tokyo) (KRT) via NewsEdge Corporation :

Jul. 30–TOKYO — Nippon Steel Corp. said Monday its consolidated net profit jumped 16 percent year on year to 86.70 billion yen in the April-June quarter on an 18.3 percent surge in sales to 1.12 trillion yen due to robust steel demand at home and abroad.

Pretax profit climbed 20.8 percent to 148.69 billion yen as the company’s steelmaking and other major operations including engineering, urban development, chemicals and systems solutions all registered higher profits, according to the nation’s top steel producer.

The company benefited from tight domestic supply of high-end steel for use in cars, ships and machinery. As for overseas markets, shipments to Europe and emerging economies made a good showing, Nippon Steel reported.

The earnings projections for the current fiscal 2007 ending next March will be revised when such a change is deemed necessary in early September as is usually the case each year, the company said.

For the current year, Nippon Steel expects a group net profit of 350 billion yen, down 0.3 percent from fiscal 2006, and a pretax profit of 600 billion yen, up 0.4 percent, on sales of 4.76 trillion yen, up 10.6 percent, according to the forecast announced April 27.

<<Kyodo News International (Tokyo) (KRT) — 07/31/07>>