Nippon posts decline in quarterly profit

Japanese steelmaker Nippon Steel Corporation disclosed that its quarterly profit fell 18 percent year on year due to surging raw material costs. Japan's largest steelmaker said Monday that its first fiscal quarter profit decreased from Yen 91.6 billion (around $800.5 million) a year ago to Yen 74.8 billion (around $653.2 million). On the other hand, quarterly sales rose 4.2 percent year on year to Yen 942.8 billion (around $8.3 billion).