UPDATE 1-Nippon Steel sees 34 pct profit fall for 08/09


(Adds background) TOKYO, April 25 (Reuters) - Nippon Steel Corp , the world's second-biggest steelmaker, posted a 6 percent drop in annual profit on Friday and predicted a bigger-than-expected 34 percent fall for the year to March 2009, as raw material costs soar. Shares of Nippon Steel were up 1.8 percent at 555 yen as of 0444 GMT, underperforming a 2.2 percent rise in the benchmark Nikkei average Soaring freight and raw materials costs are squeezing global steelmakers' earnings, ...

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