TOKYO, April 28 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