Nippon Steel cuts full-year profit forecast by 5.7 pc on lower steel output

The company now estimates its annual profit will be 330 billion yen ($3.01 billion), down 5.7 percent from its earlier guidance of 350 billion yen, under International Financial Reporting Standards.

Nippon Steel, the world's third-biggest steelmaker, also reduced its estimate for annual crude steel output to 41.3 million tonnes from 42.1 million tonnes on a parent basis.