AT A GLANCE: Nippon to close plants after low steel demand sinks Q4 profits

Japan’s largest steelmaker, Nippon Steel, recorded sharp declines in its financial performance during the final quarter of 2019, forcing it to announce closures to several production facilities in the country.

In brief Nippon recorded a loss after taxes of ¥357.38 billion ($3.25 billion) in the final quarter of 2019, down from a profit of ¥228.48 billion in the corresponding period one year before. Revenue in the final quarter of 2019 was ¥4.48 trillion, down from ¥4.58 trillion one year earlier. The company’s financial performance was hampered by a sharp drop in profit within the steelmaking and steel fabrication group. The arm recorded a business loss of ¥315.3 million, down from...

Published

February 17, 2020

09:34 GMT

Singapore