Nippon Steel raises 05/06 profit forecast

Nippon Steel Corporation, the world's third-largest steelmaker, increased its full-year profit forecast 3.1 percent on strong demand and high prices for high-grade sheet. Nippon Steel raised net income forecast from an October estimate of Yen 320 billion to Yen 330 billion ($2.8 billion) for the fiscal year ending March 31. The company raised its forecast for operating profit from Yen 525 billion to Yen 535 billion. Nippon Steel reported profit of Yen 220.6 billion and sales of Yen 3.39 trillion a year earlier.