Nippon Steel sees 34 pct profit fall for 2008/09

Newswire

TOKYO, April 25 (Reuters) - Nippon Steel Corp , the world's second-biggest steelmaker, reported a 6 percent drop in annual profit on Friday and predicted a worse-than-expected 34 percent fall for the year to March 2009 as raw materials costs soar. Nippon Steel, the biggest beneficiary of strong worldwide sales at Toyota Motor Corp and other Japanese cars, sees 370 billion yen ($3.55 billion) in pretax recurring profit for the year to March 2009. That is far less than a consensus estimate ...

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