Nippon Steel profits from higher prices

Nippon Steel profits from higher prices

Japanese steel producer Nippon Steel Corp (NSC) announced that its net income in the three-month period ending December 31, 2004, reached Yen 66.1 billion ($633 million) from sales of Yen 859.5 billion thanks to the rise in global steel prices. In the nine-month period that ended on December 31, 2004, the net income of the company increased to Yen 147.11 billion, 77% of the full-year profit target. NSC forecasts its full-year income will reach Yen 190 billion on sales of Yen 3.33 trillion.