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Chiyoda seeks lifeline as US plant project spawns steep loss

Japanese builder in rescue talks with top shareholder Mitsubishi

Chiyoda's LNG project in the U.S. state of Louisiana faced a sudden sharp rise in labor costs.
Chiyoda's LNG project in the U.S. state of Louisiana faced a sudden surge in labor costs.

TOKYO -- Japanese plant engineering company Chiyoda on Friday projected a net loss of 105 billion yen ($923 million) for the year through March owing to a heavily-delayed U.S. liquefied natural gas plant and said it was discussing financial support with leading shareholder Mitsubishi Corp.

The Yokohama-based company is "discussing all possibilities with Mitsubishi," Chiyoda President and CEO Masaji Santo told analysts in Tokyo, while avoiding naming specific measures such as a capital increase amid a barrage of questions.

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