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UPDATE 2-Nippon Steel Q2 profit down, lifts outlook

* Raises 08/09 profit target by 24 pct to 560 bln yen * July-Sept profit falls 13 percent to 118.2 bln yen * Plans 1 mln tonne output cut in H2, 08/09 shipments down 3% (Recasts to lead on Q2 figure, adds fund manager quote)