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Nippon Steel hikes profit forecast to record high for second time

Strong demand and tight China supply push up product prices and margins

Japan's largest steelmaker Nippon Steel sees limited impact from a fall in global auto production as demand from other sectors remain strong. (Source photo by Reuters)

TOKYO -- Japan's largest steelmaker Nippon Steel on Tuesday lifted its net profit forecast for the second time this year to a record 520 billion yen ($4.5 billion), a significant turnaround from a net loss of 32.4 billion yen it reported in the last fiscal year.

The steelmaker now expects revenue to rise 39% to 6.7 trillion yen for the year ending in March. The company had previously forecast a 35% rise in revenue to 6.5 trillion yen and a net profit of 370 billion yen.

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