Kobe Steel revises its earnings forecast

On March 29, Japanese steelmaker Kobe Steel Ltd (Kobe) announced that it has revised its forecast for the Japanese fiscal year 2009-10 (April 1, 2009-March 31, 2010) from the previous forecast made on February 3, 2010, due to recent trends in its business performance.
 
In comparison to the previous forecast made on February 3, Kobe Steel has revised both its consolidated and non-consolidated earnings forecast. While the sales volume in each business segment is generally forecast as anticipated, overall cost reductions are expected to be greater than previously estimated. Thus the company's net loss for its consolidated and non-consolidated forecast is revised to JPY 3 billion ($32.44 million) from JPY 22 billion ($237.83 million).