Japanese steelmaker
Nippon Steel & Sumitomo Metal Corporation has announced the reversal of the special losses reported due to impairment of the valuation of investments in securities in the second quarter of the financial year ending March 31, 2013.
The loss of valuation came with the substantial declines in the market value of certain available-for-sale securities among the company's holdings. However, during the third quarter of the financial year in question, the prices of certain of these securities were recognized to have recovered.
In the first half ended September 30 of the financial year 2012-13, the steelmaker posted a net loss of JPY 310.4 billion.