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Maruichi Steel sees 40% net profit jump for fiscal 2016

OSAKA -- Maruichi Steel Tube will likely generate a group net profit of 16 billion yen ($148 million) in the current fiscal year ending next March, up 40% on the amount projected for fiscal 2015.

Demand for steel pipes for use in oil pipelines is recovering, centering on North America, thanks to the bottoming out of crude oil prices. Cheaper steel sheet, a key raw material, is also expected to contribute to the Japanese company's bottom line.

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