TOKYO : Japan's Kobe Steel raised its net profit forecast for the current fiscal year to a record high of 120 billion yen ($839 million) on expected higher selling prices and lower fuel costs, it said on Tuesday. The forecast was increased by 20 billion yen from the previous estimate and versus 72.5 billi
TOKYO : Japan's Kobe Steel raised its net profit forecast for the current fiscal year to a record high of 120 billion yen on expected higher selling prices and lower fuel costs, it said on Tuesday.
Lower procurement costs should offset the impact of delayed demand recovery in the IT and semiconductor sectors and weaker Japanese automobile manufacturers' overseas production as China's electric vehicle output rises, the company said. It said stronger steel metal spreads and lower coking coal prices offset lower sales of steel and aluminium rolled products.
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