M'bishi Heavy cuts 04/05 outlook on steel price

Newswire

TOKYO, Feb 23 (Reuters) - Mitsubishi Heavy Industries Ltd. , Japan's biggest machinery maker, on Wednesday more than halved its profit outlook for this year because of higher steel prices and a supply shortage. The business climate going forward has also worsened after top Japanese steel makers, led by Nippon Steel Corp. , agreed to pay Brazilian mining group CVRD 71.5 percent more for iron ore fines next business year starting April, opening the way for a further hike in the price of ...

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